B. Riley downgraded Topgolf Callaway to Neutral from Buy with a price target of $12, down from $18, ahead of the Q3 report expected in mid-November. The firm believes the planned separation into two independent companies should eventually help to unlock shareholder value for stand-alone Callaway, given the elevated post-pandemic golf participation levels and the opportunity for the company to leverage its strong market shares in equipment, balls, and clothing. However, Riley does not expect the recent pressure from the struggling Topgolf concept on both consolidated results and the stock price to be relieved until that separation is completed in the second half of 2025. As synch, it expects the shares to be range-bound around current levels through the first half of next year.