Wedbush Upgrades Buffalo Wild Wings, Inc. (BWLD) to Outperform, Sees 2nd-Half EPS Upside
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Price: $156.95 --0%
Rating Summary:
7 Buy, 23 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
7 Buy, 23 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush upgraded Buffalo Wild Wings, Inc. (NASDAQ: BWLD) from Neutral to Outperform with a price target of $100.00 (from $78.00), saying they see upside to the 2nd-half EPS consensus.
"We believe the absence of an uptick in wing costs season-to-date, meaningful menu price increases in Q3, an effort to address the adverse impact from larger-sized wings, and checks indicating continued comp momentum could lead to upside to current consensus EPS expectations for 2H:12," analyst Nick Setyan stated.
Wing Tuesday pricing was raised to $0.60 from $0.50 in September, the firm notes, which should result in 3% pricing in Q3 and 4% in Q4, at the very high end of the expected range. Wedbush is also slightly lowering wing cost expectation to $2.00/lb from $2.05/lb for Q4, noting they have not seen an uptick in wing costs (despite bracing for one) since July 12th. "Absence of expected uptick in wing costs QTD and September pricing at high end of expected range could result in upside to 2H cons," the analyst said.
The firm maintained Q3 EPS estimates of $0.63, versus the consensus of $0.60; Q4 EPS was raised to $1.02 from $0.96; and FY13 was raised to $3.87 from $3.84.
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 $87.23 yesterday.
"We believe the absence of an uptick in wing costs season-to-date, meaningful menu price increases in Q3, an effort to address the adverse impact from larger-sized wings, and checks indicating continued comp momentum could lead to upside to current consensus EPS expectations for 2H:12," analyst Nick Setyan stated.
Wing Tuesday pricing was raised to $0.60 from $0.50 in September, the firm notes, which should result in 3% pricing in Q3 and 4% in Q4, at the very high end of the expected range. Wedbush is also slightly lowering wing cost expectation to $2.00/lb from $2.05/lb for Q4, noting they have not seen an uptick in wing costs (despite bracing for one) since July 12th. "Absence of expected uptick in wing costs QTD and September pricing at high end of expected range could result in upside to 2H cons," the analyst said.
The firm maintained Q3 EPS estimates of $0.63, versus the consensus of $0.60; Q4 EPS was raised to $1.02 from $0.96; and FY13 was raised to $3.87 from $3.84.
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 $87.23 yesterday.
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