Dave & Buster’s Shares Tank Following Earnings Report, Analysts Say CEO Exit Clouds Turnaround Prospects

Shares of Dave & Buster’s Entertainment Inc (NASDAQ:PLAY) fell over 14% at last check Wednesday, despite reporting downbeat third-quarter results.

• Truist Securities analyst Jake Bartlett downgraded the rating from Buy to Hold, while slashing the price target from $56 to $36.
• Benchmark analyst Mike Hickey maintained a Hold rating on the stock.

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Truist Securities: Dave & Buster’s reported its adjusted EBITDA at $68.3 million. That’s short of the consensus of $75.8 million. Same-store sales and store-level margins drove the shortfall, Bartlett said. Consolidated same-store sales fell by 7.7%, much worse than consensus of a 5.9% decline, while store-level margins contracted by 160 basis points, he added.

This was the …

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