Dave & Buster's (PLAY) PT, Estimates Lifted at Piper Jaffray Amid Strong Q1

Piper Jaffray analyst Nicole Miller Regan reiterated an Overweight rating and boosted her price target on Dave & Buster's (NASDAQ: PLAY) to $43.00 (from $38.00) following strong Q1 results.

Regan commented, "Dave & Buster's reported better-than-expected results for the full 1Q15 period following its previously released top-line pre-announcement. For the quarter, earnings came in at $0.46 per share, ahead of consensus expectations of $0.37. While quarter-to-date trends thus far in 2Q15 were not specifically quantified we believe the strength and breadth of the just-announced 1Q results provides a nice set up for continued momentum. Further, we are encouraged to see an increase to annual guidance, now calling for same-store sales trends in the +4.0% to +5.0% range, which we believe will be received favorably by the Street. We are reiterating our Overweight rating on PLAY shares and raising our price target to $43 as we roll our 12x EBITDA multiple over to FY16 estimates."

The firm boosted FY 2015 EPS from $0.92 to $1.05 and FY 2016 EPS from $1.02 to $1.26.

For an analyst ratings summary and ratings history on Dave & Buster's click here. For more ratings news on Dave & Buster's click here.

Shares of Dave & Buster's closed at $33.25 yesterday.

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