Bowlero price target lowered to $20 from $22 at Canaccord

Canaccord analyst Jason Tilchen lowered the firm’s price target on Bowlero to $20 from $22 and keeps a Buy rating on the shares. The firm said they reported mixed fiscal 4Q results, with same-store sales down ~3% after a challenging April before traffic improved throughout the quarter while profitability was impacted by the decision to raise wages for center-level employees in an effort to retain talent and spur more upselling into new value-centric bundled offerings.