PLAY - Dave & Buster's trades higher after Deutsche Bank turns bullish with upgrade to Buy rating

Deutsche Bank upgraded Dave & Buster's Entertainment ( NASDAQ: PLAY ) on its view that the setup seems pretty decent even in a bleak macro environment for restaurant and leisure stocks.

The firm moved to a Buy rating on D&B after having it slotted at Hold.

"When we scan our restaurant coverage universe looking for opportunities, in what is still very much a tough macro (or in at least in what logically feels like it should be a very tough macro for consumer spending), we think the risk reward on PLAY stands out as fairly compelling at present," noted analyst Brian Mullan.

Mullan and team also said they can envision shares outperforming a basket of its pure-play CDR peers as long as PLAY can hold its recent top-line trends at least through the very important holiday time period.

Deutsche Bank assigned a pric target of $48 to PLAY.

Shares of Dave & Buster's ( PLAY ) moved up 2.29% premarket to $37.90 vs. the 52-week trading range of $29.60 to $52.54.

Dave & Buster's ( PLAY ) is not lined up to report earnings until the early part of December.

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