Jefferies analyst Andy Barish downgraded Dave & Buster's to Hold from Buy and lowered his price target for the shares to $40 from $56. The analyst says his competitive overlap analysis reveals high exposure for the company to increasing competition while data checks suggest limited same-store-sales visibility. Barish analyzed ten national and regional peers, including Topgolf, Main Event, and Round1, and found 59% of Dave & Buster's stores are located within ten miles of one of these competitors, with 79% within 20 miles. Further, these three largest brands have recently reaccelerated development, which decreases Dave & Buster's visibility on both same-store-sales and store returns, Barish tells investors in a research note. Despite an "admittedly inexpensive" stock, the analyst sees increased downside risk.