UPDATE: Wunderlich Securities Reiterates Buy Rating, Lowers PT on Buffalo Wild Wings Following Q2 EPS Report

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In a report published Wednesday, Wunderlich Securities analyst Robert M. Derrington reiterated a Buy rating on
Buffalo Wild WingsBWLD
, but lowered the price target from $180.00 to $170.00. In the report, Wunderlich Securities noted, “Buffalo Wild (BWLD) reported strong Q2 EPS, up 42.6% to $1.25 vs. our $1.22/Street $1.19. The results reflected better-than-projected revenue, SSS, avg. weekly sales and rest. margins. With its Q3TD SSS off to a strong start (co 8.2%, franch 7.4%), management raised its 2014 EPS target to 25-30% growth (~$4.74-5.07) from 25%. However, overzealous expectations pushed BWLD down 10% in the after-market to the $150-range. At that price and factoring in modestly lower estimates, BWLD was trading at 25.0x our revised 2015 EPS and 9.9x EV/EBITDA vs. its peers at 27.8x and 10.7x. As it continues to post some of the strongest revenue and SSS growth in the industry and factoring a 25-30x P/E to our 2015 EPS, we continue to rate BWLD as Buy though we have trimmed our price target to $170 from $180.” Buffalo Wild Wings closed on Tuesday at $167.15.
Posted In: Analyst ColorPrice TargetAnalyst RatingsRobert M. DerringtonWunderlich Securities
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