Bowlero Analysts Slash Their Forecasts After Q3 Results
Portfolio Pulse from Avi Kapoor
Bowlero Corp. (NYSE:BOWL) reported Q3 sales and earnings that missed market expectations, with shares falling 10.3% to close at $11.20. The company's GAAP earnings were 13 cents per share, below the expected 26 cents, and sales were $337.670 million, missing estimates by nearly $3.744 million. Despite a slow start to Q3 FY24 due to weather, Bowlero saw positive trends post the initial weeks, including the successful opening of Lucky Strike Miami. The company anticipates revenues and adjusted EBITDA at the lower end of its FY24 guidance. Analysts from Oppenheimer and Stifel have lowered their price targets on Bowlero following these results.
May 07, 2024 | 1:07 pm
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Bowlero Corp. reported lower-than-expected Q3 earnings and sales, leading to a 10.3% drop in share price. Analysts have reduced price targets in response.
The significant miss in both earnings and sales for Q3 FY24 directly impacts investor sentiment and stock valuation, as evidenced by the immediate 10.3% drop in share price. Analysts' lowered price targets further validate the negative outlook, suggesting a bearish short-term impact.
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IMPORTANCE 90
RELEVANCE 100