Dave & Buster's hits 3-month low on PT cuts after Q2 revenue misses

Dave and Busters Entertainment,

07/09/2023 19:05

(Updates)
    ** Restaurant chain operator Dave & Buster's Entertainment's
 PLAY.O  shares fall as much as 6.3% to a three-month low of
$35.06
    ** Company missed Wall Street estimates for Q2 revenue on
Wednesday
    ** Posts Q2 revenue of $542.1 mln vs est $559 mln - LSEG
data
    ** At least six brokerages trim PTs on PLAY, with Raymond
James downgrading stock to "outperform" from "strong buy"
    ** While bullish on PLAY's turnaround in 2024, Raymond James
analyst cuts PT on stock to $55 from $60, citing weaker
near-term sales
    ** Near-term trends are likely to be hard to forecast given
macro headwinds, uncertainty around looming resumption of
student loan repayments, and difficult year-ago comparisons -
brokerage William Blair
    ** 8 of 10 brokerages rate the stock "buy" or higher, and 2
"hold"; median PT $55

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com))