Craig-Hallum analyst Jeremy Hamblin downgraded Lucky Strike to Hold from Buy with a $6.50 price target following disappointing Q3 results with substantial misses on revenue and adjusted EBITDA and a sharp reduction to FY26 adjusted EBITDA guidance. April trends improved to flat, but Craig-Hallum notes compares get tougher in May/June implying a likely negative comp. The firm highlights debt accumulation on Lucky Strike's M&A strategy coupled with lower EBITDA has resulted in shareholders suffering a loss of equity value.
