Dave and Buster's Entertainment

PLAY · NASDAQ

$7.79+$0.08 (+1.04%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $7.71

PLAY analyst rating

HoldConsensus of 7 analysts over the last 12 months. 14% rate it a buy.

Strong buy0
Buy1
Hold6
Underperform0
Sell0

12-month price target · 9 analysts

Average $13.70 (+75.8% upside)

Low: $9.09
Now: $7.79
High: $23.10

Upgrades and downgrades

The latest rating actions, newest first

PLAY analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
UBS	Sep 15, 2026	Maintains	Neutral	$12.00 → $9.00	47%
BMO Capital	Sep 15, 2026	Maintains	Outperform	$22.00 → $13.00	51%
Freedom Capital Markets	Sep 15, 2026	Maintains	Hold	$13.00 → $9.00	71%
Citizens	Jun 29, 2026	Initiates	Market Perform	—	31%
Benchmark	Jun 16, 2026	Downgrade	Buy → Hold	—	54%
BMO Capital	Jun 16, 2026	Maintains	Outperform	$24.00 → $22.00	51%
UBS	Jun 16, 2026	Maintains	Neutral	$13.00 → $12.00	47%
Piper Sandler	Apr 6, 2026	Maintains	Neutral	$22.00 → $14.00	64%
Truist Securities	Jan 8, 2026	Maintains	Hold	$23.00 → $18.00	53%
UBS	Jan 6, 2026	Maintains	Neutral	$20.00 → $19.00	47%

The case for and against

Updated Oct 14, 2026

Bull case

Dave & Buster's Enter is attractive because a refreshed leadership team is focused on a clearer operating playbook that is already showing results, with 2Q same-store sales declining only (2.9%) after (5.4%) in 1Q and July improving to (1.6%) as the quarter progressed. Its value-oriented, bundled Eat-Drink-Play-Watch model supports a durable customer proposition, while free cash flow turned positive at $19.5M in 1H26 versus ($36.5M) in 1H25 and management identified about $15M of savings over the next 12 months. The balance sheet also looks manageable, with $499M of available liquidity, no near-term maturities, and a capital-light international franchise pipeline of more than 30 committed locations that adds long-term upside.

Bear case

Dave & Buster's Enter is viewed negatively because recent results showed broad operating weakness, with fiscal 2Q26 revenue of $544.1M, adjusted EBITDA of $98.9M, and adjusted EPS of ($0.27) all missing expectations, while restaurant-level margin compressed to 23.5% and entertainment revenue fell by about $32M. Although same-store sales improved to (2.9%) and management cited July momentum, the business still faces deteriorated traffic, weaker value perception, and a core consumer exposed to discretionary-spending pressure in a tougher macro environment. The company also carries 3.3x net debt/EBITDA and ongoing capex needs, while repeated execution misses and limited new game rollout undermine confidence in a durable turnaround.

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