Bowlero initiated with a Buy at Canaccord

Canaccord initiated coverage of Bowlero with a Buy rating and $22 price target. Despite increasing competition from new forms of at-home and out-of-home entertainment, bowling remains the top participatory sport in the U.S., with more than 67M Americans bowling at least once annually, the analyst tells investors in a research note. The firm says Bowlero has evolved from a single location to become the world’s largest bowling operator over the past 26 years. It sees potential for further upside in the shares as investors become more aware of Bowlero’s "unique growth and profitability story."