Oppenheimer analyst Brian Bittner lowered his price target for Kona Grill to $7 from $12 saying that while he anticipated weak Q1 results, he was caught off-guard by its 25% reduction to full-year EBITDA guidance. It appears rent-adjusted leverage will be near restricted levels at year-end even assuming reset EBITDA guidance is achieved, he notes, adding that management is likely to either secure rent abatements, or close underperforming units that are accretive to EBITDA and lower lease-based debt. Bittner reiterates an Outperform rating on the shares.