UPDATE: Feltl and Company Upgrades Buffalo Wild Wings

On Friday, analysts at Feltl and Company upgraded shares of Buffalo Wild Wings BWLD from Hold to Buy and lowered the price target from $155 to $153.

Mark Smith outlined the reasons for the upgrade.

The upgrade is not based on near-term results. Smith feels the recent stock weakness is an attractive entry point on a great company that consistently produces same-store sales and earnings growth.

Moreover, "The last time BWLD shares traded at similar multiples was in January/February 2013 when the shares traded in the mid $70’s; shares nearly doubled in the next twelve months."

Lastly, Smith believes the fear over chicken wing prices is over done, saying "we think current chicken wing prices are manageable and do not expect significant price spikes. We model chicken wing prices continuing to rise through early 2015, but not hitting highs seen in 2012 and early 2013. We think chicken wing prices will see the historical seasonal fall following the Super Bowl."

Shares of Buffalo Wild Wings recently traded at $135.29, up 4.4 percent.

The company is scheduled to announce third quarter 2014 results on October 27.