As previously reported, SunTrust analyst Jake Bartlett downgraded Dave & Buster's to Hold from Buy and cut his price target to $47 from $64 after the company's disappointing Q1 results. The analyst notes that comps over the past 6 weeks of the quarter turned negative despite Dave & Buster's launch of a new VR game, adding that while he continues to expect competition and cannibalization to pressure the company's margins by about 400bps, he no longer sees the company's efforts to offset those headwinds as sufficient. Bartlett also cuts his SSS outlook for FY19 to down 0.7% from up 1.0% and for FY20 to flat from up 1%. Bartlett adds that without positive comps, multiple expansion for Dave & Buster's is unlikely in spite of its "strong development" plans.