UPDATE: Wunderlich Raises PT on Buffalo Wild Wings on Strong Growth Prospects, Well-Differentiated Concept

In a report published Thursday, Wunderlich Securities analyst Robert M. Derrington reiterated a Buy rating on

, and raised the price target from $118.00 to $133.00. In the report, Wunderlich Securities noted, “We believe Buffalo Wild Wings (BWLD) remains poised for 20%+ annual EPS growth supported by its well-differentiated ‘Wing. Beer. Sports.' market positioning, strong sports programming, double-digit development, and favorable COGS outlook. We believe those attributes support its better-than-most-peer SSS; somewhat elevating its SSS above the intense industry competition. Those attributes, combined with margins poised to benefit from lower COGS (lower wing prices, better product yield) and well-controlled G&A, support our Q313 (Sep) EPS of $0.86 and 2013 EPS of $3.64. And, factoring 10% capacity growth, 3% SSS and lower COGS in 2014, we project 20% EPS growth in 2014 and into 2015. Given its premium-to-most-peer operating trends, we are raising our PT to $133 and reiterate our Buy rating.” Buffalo Wild Wings closed on Wednesday at $119.60.