Bowlero initiated with a Neutral at Piper Sandler

Piper Sandler initiated coverage of Bowlero (BOWL) with a Neutral rating and $12 price target The company’s track record of inorganic growth has positioned it as the clear market leader in the bowling industry in the U.S., the analyst tells investors in a research note. However, Piper sees Bowlero’s risk/reward as relatively balanced at current levels. The company’s balance sheet leverage and the broader U.S. consumer backdrop “at the forefront of our minds,” the firm says.