Jefferies Reiterates Buy on Dave & Buster's Entertainment (PLAY) Following 2Q Report
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Jefferies reiterated a Buy rating and $50.00 price target on Dave & Buster's Entertainment (NASDAQ: PLAY) following the company's 2Q earnings report. EPS came in above estimates. However, 2Q SSS of +1.0% missed consensus of 2.0% and full-year guidance was reduced to 2.25-3.25% (from 3.25-4.25%).
Analyst Andy Barish commented, "$0.50 adj. EPS beat JefCo/Cons. with SSS worse than expected and '16 SSS guide lowered with tough industry conditions. Margins provided upside but this gets tougher in 2H. Key revs, EBITDA and NI maintained as new store productivity better but slower SSS will create stock pullback. Our ’16E/'17E EBITDA ests. go to $231/$262mm (from $232/$261mm). Reiterate Buy and $50 PT and would take advantage of expected weakness on slower SSS."
Shares of Dave & Buster's closed at $46.27 yesterday.
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