Deutsche Bank Upgrades Buffalo Wild Wings, Inc. (BWLD) to Buy; See Multiple Expansion as Wing Conversation Near A Turning Point

Deutsche Bank upgraded Buffalo Wild Wings, Inc. (NASDAQ: BWLD) to Buy, maintains price target of $100.00.

Deutsche analyst said, "The recent decline in the shares offers an attractive entry point (7.6x 2013E EV/EBITDA) on one of the better growth stories in the industry (~11% sqft growth), in our view. The combination of (likely) moderating wing prices, healthy comp trends, pricing power, and a discounted valuation suggest BWLD shares can outperform from here...We’ve trimmed our 2012E EPS to $3.26 from $3.30 to reflect slightly more margin pressure, which we believe is priced into the stock. BWLD shares now trade at 20x our 2013E EPS and 7.6x EBITDA, about in line with the industry on a P/E basis (~19-20x) and a steep discount on EV/EBITDA (~10x)."

For an analyst ratings summary and ratings history on Buffalo Wild Wings, Inc. click here. For more ratings news on Buffalo Wild Wings, Inc. click here.

Shares of Buffalo Wild Wings, Inc. closed at $78.17 yesterday.

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