In late August Howard Penney warned investors to stay away from Dave & Buster's (PLAY). In fact, the veteran Restaurants analyst at Hedgeye added it to his Best Ideas short list.
He said downside could be "dramatic."
Here's his original call.
For the record, Penney is leaving PLAY on his best ideas list as a short.
"We believe the business will continue to deteriorate as food & beverage lead the business down," he says. "Games will follow and margins will fall hard."