Bowlero price target lowered to $23 from $25 at Stifel

Stifel lowered the firm’s price target on Bowlero to $23 from $25 and keeps a Buy rating on the shares. The setup for shares “couldn’t be more compelling at this point,” argues the analyst, who views FY24 guidance as “conservative” and sees other potential catalysts that could emerge in the near future, including possible sale/leaseback news, further M&A, continued buybacks, and same-store sales comp surprises. If core metrics can surprise to the upside, “we believe shares can push well higher from current levels,” the analyst tells investors.