UPDATE: Sterne Agee Downgrades Buffalo Wild Wings to Neutral on Reduced Margin Visibility

In a report published Tuesday, Sterne Agee analyst Lynne Collier downgraded the rating on Buffalo Wild Wings

from Buy to Neutral. In the report, Collier noted, “First quarter SSS/revs. met our forecast. However, given margin de-leverage, EPS fell ~$0.12 short of our forecast and consensus expectations. While encouraged by top-line trends (+5.2% SSS QTD in 2Q), we believe the earnings flow-through in the next few quarters will likely be less than we had originally anticipated (despite lower y/y wing costs).” Buffalo Wild Wings closed on Monday at $94.33.