Zacks Investment Research upgraded shares of Buffalo Wild Wings Inc. (BWLD) from NEUTRAL to OUTPERFORM on November 21, 2013, with a target price of $174.00.
We are upgrading our recommendation on Buffalo Wild Wings from Neutral to Outperform on the back of better-than-expected earnings growth and solid top line in the third quarter of 2013. The company's third-quarter earnings of $0.95 per share beat the Zacks Consensus Estimate by 10.5% and the year-ago quarter level by 66.7%. Total revenue increased 27.9% year over year surpassing the Zacks Consensus Estimate by 1.2%. The top-line growth was driven by increased restaurant sales and unit expansion. The company has been consistently posting positive comps for the past two years. Moreover, its association with NCAA helps it to increase its visibility as a brand. Foray into the smaller prototype restaurants, PizzaRev, is also a positive for the stock. Overall, we are encouraged by the company's strong market standing, new menu launches and increased media exposure.
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