UPDATE: Wedbush Raises PT on Buffalo Wild Wings on Stable Cost Environment, Potential Comp Upside

In a report published Monday, Wedbush analyst Nick Setyan reiterated an Outperform rating on

, and raised the price target from $120.00 to $135.00. In the report, Wedbush noted, “Given reasonable comp expectations and a stable wing cost environment, we continue to believe upside to expectations exists. Q3 SSS growth tracking ahead of expectations. Our checks of 10% of company-owned locations indicate that SSS growth is currently tracking ahead of consensus of 2.8% in Q3. We note a reacceleration in traffic growth following a disappointing 1.5% QTD comp in July as the start of the football season, combined with increased success and buzz around specific teams in company-owned markets as well as effective traffic-driving specials and promos, has led to an increase in SSS growth in August and September. We also note an incremental 1% menu price increase that took effect July 15th, as well as an additional week of NFL and NCAA football games as further drivers of upside. We are slightly increasing our Q3 co-owned comp expectation to 3.1% from 2.8%.” Buffalo Wild Wings closed on Friday at $109.50.