Deutsche Bank analyst Brian Mullan upgraded Dave & Buster’s to Buy from Hold with an unchanged price target of $48. In a tough macro environment, the risk/reward on Dave & Buster’s shares stands out, Mullan tells investors in a research note. The analyst says revenue trends at the core Dave & Busters brand have been much better than he expected. At the same time, investor EBITDA margin expectations “have been reigned in considerably, which was always an area of concern for us,” Mullan writes. As such, he sees an improved setup from here.