UPDATE: Miller Tabak Downgrades Buffalo Wild Wings on Limited Share Price Upside

In a report published Wednesday, Miller Tabak analyst Stephen Anderson downgraded the rating on

from Buy to Hold, but reiterated the $148.00 price target. In the report, Miller Tabak + Co. noted, “We downgrade shares of Buffalo Wild Wings (BWLD) to Hold (from Buy) based on valuation as the stock exceeded our $148 price target yesterday. The company has had a standout year, and we have highlighted BWLD's value leadership within the mid-scale bar-and-grill sub-segment of casual dining, which in our view is helping the company maintain top-line momentum. Moreover, we singled out BWLD and growth peer Chipotle Mexican Grill (CMG, $543.05, Hold) as early-stage beneficiaries of lower commodity costs, which we expect will sustain margin expansion through 2015. However, given the recent rally that accelerated after the company's 3Q13 earnings release on October 29, we now anticipate limited upside from the current share price and thus prefer to secure recent gains in BWLD shares. Our fair value estimate on BWLD remains at $148, which takes into account our recently revised EPS estimates through 2015.” Buffalo Wild Wings closed on Tuesday at $150.38.