Oppenheimer raised the firm’s price target on Bowlero to $18 from $16 and keeps an Outperform rating on the shares. With same-store sales trends starting to stabilize and improve, the firm believes the story has been largely de-risked and investor expectations have been reset. Oppenheimer believes this valuation is fair, given Bowlero’s industry-leading margins, bountiful M&A/new build opportunities and a better understood growth algorithm.
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