UPDATE: Wedbush Raises Buffalo Wild Wings PT on Continued Wing Cost Declines
In a report published Thursday by Wedbush, analyst Nick Setyan reiterated an Outperform rating for Buffalo Wild Wings (NASDAQ: BWLD) and increased its price target from $95 to $120.
In the report, Setyan wrote, "Given a precipitous decline in wing costs over the last 2 weeks, we are increasing our 2013 and 2014 EPS expectations. While we believe the magnitude of the wing cost decline renders near-term SSS growth an afterthought, our Q1 and Q2-to-date checks also indicate that SSS growth is tracking in line with low single-digit expectations. We also believe our upped EPS expectations could prove conservative should wing costs continue to decline, should beneficial mix shift continue, and should the headwind from larger wing sizes be successfully addressed."
Buffalo Wild Wings closed Wednesday at $90.97.
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