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News Breaks
February 1, 2013
10:28 EDTBWLDBuffalo Wild Wings advances after KeyBanc ups rating to Buy
Buffalo Wild Wings (BWLD), a casual dining chain, is climbing after KeyBanc analyst Christopher O'Cull upgraded the shares to Buy from Hold in a note to investors earlier today. Several risks are already priced into the stock, whose valuation is currently compelling, O'Cull wrote. Specifically, the shares already reflect investors' fears that the company will report lower than expected 2013 earnings per share due to rising chicken wing prices, O'Cull contended. However, the company can protect its margins and earnings by selling chicken wings on a per plate basis, instead of by the wing, the analyst believes. Moreover, the profitability of Buffalo Wild Wings' newer restaurants on the coast should rise as they gain greater efficiencies, according to O'Cull. Finally, the analyst, who has an $85 price target on the shares, doesn't expect the company to lower its 2013 earnings per share guidance. In mid-morning trading, Buffalo Wild Wings climbed $1.95, or 2.66%, to $75.50.
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