Piper Sandler analyst Brian Mullan raised the firm’s price target on Dave & Buster’s to $30 from $22 and keeps a Neutral rating on the shares following quarterly results. While the Q1 same-store sales result of down 8.3% was below consensus, the more relevant takeaway tonight has to do with Dave & Buster’s monthly disclosures. Specifically, Piper notes that the same-store sales progression over the last several months has been down 11.9% in February, down 8.4% in March, down 4.3% in April, and now running only down 2.2% in the Q2-to-date time period. While there is still a lot of “wood to chop” at Dave & Buster’s, the firm would expect the stock to react favorably.
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