Dave & Buster's Entertainment Inc. (NASDAQ:PLAY) posted downbeat earnings for its first quarter, after the closing bell on Tuesday.

Dave & Buster's reported first-quarter revenue of $567.7 million, missing analyst estimates of $576.41 million, according to Benzinga Pro. The entertainment and dining company reported adjusted earnings of 76 cents per share, missing estimates of 98 cents per share.

"I am pleased to report that we are making good progress and our operating results significantly improved over the course of the first quarter. While performance in the first quarter was nowhere close to where we want and expect to be, our ‘back to basics' strategy is working and is driving a material recovery in our top-line trajectory," said Kevin Sheehan, board chair and interim CEO of Dave & Buster's.

Dave & Buster’s said it expects total capital expenditures to be less than $220 million in fiscal 2025.

Dave & Buster's shares gained 16% to trade at $30.00 on Wednesday.

These analysts made changes to their price targets on Dave & Buster's following earnings announcement.

• UBS analyst Dennis Geiger maintained Dave & Buster’s with a Neutral rating and raised the price target from $18 to $29.
• Loop Capital analyst Alton Stump maintained the stock with a Buy and raised the price target from $35 to $46.

Considering buying PLAY stock? Here’s what analysts think:

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