Buffalo Wild Wings (BWLD) PT Lifted at UBS Despite EPS Miss; Results Strong Vs. Tough Comp

UBS analyst Keith Siegner reiterated a Buy rating and boosted his price target on Buffalo Wild Wings, Inc. (NASDAQ: BWLD) to$220.00 (from $215.00) despite the Q2 headline EPS miss, saying results were stronger than expected against difficult World Cup compares, incl. 2Q upside to consensus and 3Q QTD comps (4.8% against an 8.2% lap) that were well ahead of even the more bullish expectations.

Siegner added, "Labor was a point of frustration (one of the few), but COGS pressure was lighter than expected despite wing costs. Importantly, 2015 earnings guidance was lowered to 13% behind acquisition integration costs, but the underlying 18% prior guidance is unchanged. Investors may remain skeptical on effectively unchanged guidance, but comp trends and favorable non-wing COGS and G&A support targets. We cont. to see upside to cons. 2016 expectations given franchise acquisitions, lower wing costs and sss momentum, and model ~35% EPS. We remain focused on the LT growth opportunity w/ cont. confidence in the sustainability of an at least 20% EPS growth trajectory including optionality from capital structure optimization (repurchases)."

The firm trimmed FY 2015 EPS from $5.91 to $5.70.

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 $171.28 yesterday.

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