08:10 AM EDT, 05/09/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We maintain our 12-month price target of $18, based on 8.0x our 2024 EBITDA estimate and lower than the company's 2-year average forward EV/EBITDA multiple of 11.5x. We maintain our 2024 and 2025 EPS estimates of $0.30 and $0.50, respectively. MODG posts normalized Q1 EPS of $0.09 vs. $0.17, $0.08 above consensus estimates on revenues of $1.14B vs. $1.17B and $12M below estimates. By segment in Q1, Topgolf revenues increased 4.8%, Golf Equipment increased 1.4%, and Active Lifestyle declined 15.2%. The company said the decline in Active Lifestyle was due to lower wholesale revenue at Jack Wolfskin driven by a soft macroeconomic backdrop in Europe. Inventory declined 24.4% Y/Y to $703M. MODG also announced the repricing of its Term Loan B, which it expects to save $7M annually from, and plans to accelerate the repayment with the first partial prepayment coming in May. The company lowered its revenue guidance but raised its 2024 EPS guidance to $0.35 at the midpoint. We believe shares now trade near fair value.