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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."

FLASHBACK: Downside for Dave & Buster’s Could Be ‘Dramatic’ - hwp

Here's his original call.

FLASHBACK: Downside for Dave & Buster’s Could Be ‘Dramatic’ - z x

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."