UPDATE: Morgan Keegan Raises PT on Buffalo Wild Wings to $78

Morgan Keegan is out with its report today on Buffalo Wild Wings

, raising its PT from $70 to $78. In a note to clients, Morgan Keegan writes, "Our price target of $78 is based on 24x our 2012 EPS projection (~9x our 2012 EV/EBITDA). We believe BWLD warrants a premium to its peer group given its double digit square footage growth, majority franchised system, historically better than industry operating fundamental trends and strong balance sheet that includes no book debt and ~$5/share in cash and marketable securities." At the time of posting, shares of BWLD were trading at $67.64, up 0.71% from Thursday's close.