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Fly News Breaks for March 5, 2019
PLAY
Mar 5, 2019 | 09:35 EDT
SunTrust analyst Jake Bartlett lowered his price target on Dave & Buster's to $61, saying his competitive analysis work suggests that the company is faced with "continued headwinds" from "smaller 'eatertainment' chains and 2 other potential threats". The analyst believes that the combined 31 new location unit growth at Main Event, Punch Bowl Social, Round 1 USA, and Topgolf competitors will impact Dave & Buster's FY19 comps by about 150bps, with added SSS headwinds coming from the large and rapidly growing chains - Bowlero and Urban Air trampoline park. Longer term, Bartlett is keeping his Buy rating on Dave & Buster's shares, expecting the chain to "remain one of the fastest growing restaurants" and to "re-accelerate SSS as it improves its gaming content and food and beverage offering".
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