Credit Suisse Upgrades Buffalo Wild Wings, Inc. (BWLD) to Neutral; Activism Provides 'Floor'
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Credit Suisse upgraded Buffalo Wild Wings, Inc. (NASDAQ: BWLD) from Underperform to Neutral with a price target of $165.00 (from $130.00) on potential for restructuring.
Analyst Jason West commented, "The emergence of an activist shareholder could provide a "floor" for the stock and a potential win-win for shareholders, i.e., either fundamentals improve and/or restructuring comes into play. Our key fundamental concerns remain unchanged (value, service) and were evident in BWLD's weak 2Q results. However, traditional metrics like SSS no longer seem to be driving the stock. Our analysis of potential strategies, such as leveraged-buybacks, cost-cutting and refranchising points to significant EPS accretion, should mgmt. pursue these measures."
Shares of Buffalo Wild Wings, Inc. closed at $169.97 yesterday.
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