Dave & Buster's (PLAY) PT Lowered to $50 at Truist Securities
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Truist Securities analyst Jake Bartlett lowered the price target on Dave & Buster's (NASDAQ: PLAY) to $50.00 (from $56.00) while maintaining a Buy rating.
The analyst commented, "We expect an SSS beat and adj. EBITDA miss when PLAY reports 3Q21 results on 12/7, and are lowering 4Q21 and '22 ests. due to the potential impact of the Omicron variant. However, our $50 PT, down from $56, still represents a significant buying opportunity. We do not expect Omicron to crater demand, but Delta did cause SSS to decelerate in early 3Q21 (as reported), and we expect special events sales to be most impacted (~15% of 4Q19 comp sales). On the upside, '22 development appears to be front-end loaded, and we now estimate the high end of '22 development guidance."
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