Bowlero price target raised to $18 from $17 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Bowlero to $18 from $17 and keeps a Buy rating on the shares. The firm notes Bowlero provided a somewhat disappointing Q3 update with slight misses on revenues and adjusted EBITDA vs. guidance provided in early February. The EBITDA miss was largely driven by investments made in the Amusements portion of its business along with investments made in the PBA Tour property that is driving viewership higher to set the foundation for traffic growth. Importantly, same-store sales trends were positive in both Feb and March after severe weather saw January down high single-digit, Craig-Hallum adds.