Deutsche Bank analyst Carlo Santarelli lowered his price target for Golden Entertainment to $22 from $38 after the company's adjusted EBITDA in Q4 came in $7M light of his estimate. While "certainly disappointing," Golden Entertainment's go-forward story does not change much as the Stratosphere renovations remains underway and on budget, there was positive news on the Nevada route operations, and the company bought ~$20M of its stock at an average price of $16.06 in Q4 and instituted a new authorization this month, Santarelli tells investors in a post-earnings research note. He keeps a Buy rating on the shares.