Piper Jaffray analyst Nicole Miller Regan reiterated an Overweight rating and boosted her price target on Dave & Buster's (NASDAQ: PLAY) to $51.00 (from $49.00) following solid Q1 upside.

Regan commented, "The Dave & Buster's system continues to outperform the industry in terms of same-store sales. For the just reported 1Q16 period, same-store sales were +3.6% vs. our +3.0% estimate, resulting in $0.72 per share as compared to consensus expectations at $0.59. We reiterate our Overweight rating and our price target moves to $51 (vs. $49 prior) on a maintained ~11x multiple on now higher FY16E EBITDA. This multiple is a premium to the median of our coverage universe currently trading at ~10x FY16E EBITDA and a premium to full service names trading at ~9x reflecting the company's differentiated positioning, unit growth opportunity, and operational momentum. On a sensitivity basis we note that each 1x in EBITDA multiple equates to ~$5/share."

FY 2016 EPS goes from $1.77 to $1.90 and FY 2017 EPS from $1.95 to $2.10.

For an analyst ratings summary and ratings history on Dave & Buster's click here. For more ratings news on Dave & Buster's click here.

Shares of Dave & Buster's closed at $41.86 yesterday.