Dave & Buster's Entertainment: Hold Rating Amidst Sales Challenges and Strategic Turnaround EffortsPLAY's 2Q results included still pressured sales trends likely given a difficult macro and brand specific challenges, while margins and earnings were also depressed. Emphasis though was on commentary from new CEO Tarun Lal highlighting areas of focus to improve sss and adj EBITDA, which are largely consistent with the 'back to basics' strategy recently outlined, including: implementing a better overall marketing message, introducing 10+ new games per year, revamping new menu offerings, strengthening overall execution, and optimizing spending / remodel plans. Mgmt also updated new store guidance to 11 openings in FY25 (vs. previously guided range of 10-12) and targets 6-7% LT annual store growth given ~40%+ returns, while initiating a FY27 EBITDA target of $675MM (Consensus $534MM).