Dave & Buster’s price target lowered to $22 from $33 at Piper Sandler

Piper Sandler analyst Brian Mullan lowered the firm’s price target on Dave & Buster’s to $22 from $33 and keeps a Neutral rating on the shares following quarterly results. For the quarter, same-store sales were down 9.4%, which compared unfavorably with consensus of down 6.6%. While this was technically a “miss,” Piper notes that expectations were quite low coming in, as evidenced by shares that are down about 45% year-to-date. On a positive note, in the release, the company referenced an improvement in trends in March and April.