Masters winner Jon Rahm showcased Topgolf Callaway Brands (MODG) all weekend at Augusta National, and one analyst sees several tailwinds for the stock.

"We believe the market has yet to fully appreciate Topgolf Callaway Brands' transformation into a preeminent golf entertainment platform," Jefferies analyst Randy Konik wrote in a client note published on Monday. "Topgolf is a high-quality asset with scarcity value, enabling Topgolf Callaway Brands to widen its total addressable market (TAM) and augment its growth algorithm. Tailwinds to golf remain favorable and Topgolf Callaway Brands is uniquely positioned to capitalize on growing interest in the sport."

Konik's $56 price target on the stock assumes 171% upside from current levels.

Callaway lured Rahm away from rival Taylormade with a multi-year sponsorship contract in 2021.

The 28-year old Spaniard won the Masters using Callaway's new Paradym woods, Apex irons, Jaws wedges, and Chromesoft balls. Rahm's golf bag was emblazoned with the Callaway logo, while the strap bore Topgolf — the golf experience brand Callaway bought for $2.66 billion in 2021.

Rahm is among a host of other up-and-coming, high-profile golfers Callaway sponsors, including Sam Burns and Xander Schauffele.

Despite Callaway's youthful team performing generally well on the links — which lends itself to prominent placement on TV and social media — shares have lost about 8% in the past year. The stock trades at a 20% discount to its five-year average enterprise value to EBITDA (earnings before interest, taxes, depreciation and amortization) ratio.

Jefferies' Konik thinks the stock price reflects a "pressured consumer," rising interest rates, and recession fears weighing on pricey equipment sales. To that end, through the first two months of the season golf rounds played are up only 1.8% compared to 2022 according to data from the National Golf Foundation.

At the same time, Konik listed several reasons Topgolf Callaway Brands stock looks too good to ignore.