Pinstripes price target lowered to $4 from $6 at BTIG

BTIG analyst Peter Saleh lowered the firm’s price target on Pinstripes to $4 from $6 and keeps a Buy rating on the shares. The company reported a poor start to the fiscal year with the second consecutive quarter of weaker than expected same-store sales, venue-level margin and adjusted EBITDA as same-store sales declined 2.4% with volatile monthly trends that seemed to weaken further in August, the analyst tells investors in a research note. The results led another reduction in guidance for the year, and while the firm is encouraged by the ongoing cost reductions, it is disappointed by the development guidance and the very poor venue-level margin performance, BTIG added.