UPDATE: Wunderlich Securities Reiterates On Buffalo Wild Wings On Improving Poultry Outlook

In a report published Wednesday, Wunderlich Securities analyst Robert M. Derrington reiterated a Buy rating on Buffalo Wild Wings (NASDAQ: BWLD), and raised the price target from $170.00 to $185.00.

In the report, Wunderlich Securities noted, “We are lifting our EPS for Buffalo Wild Wings (BWLD) as the outlook for poultry prices has continued to improve since the company's conf. call several weeks ago. According to our commodity sources, key poultry indices have declined to their lowest level since March 2014 and could continue to trend lower as favorable grain prices provide a supportive backdrop for producers. Based on the improving trend, we have raised our Q4 EPS to $1.12 from $1.03, and 2014 EPS to $5.00 from $4.92. Based on our revised estimates, BWLD is trading at 32.1x 2014 EPS and 12.5x EV/EBITDA vs. its high-growth peer median of 37.3x and 12.5x, respectively. Factoring valuation metrics in-line with its peers to our revised 2015 estimates, we are raising our BWLD price target to $185 and reit. our Buy rating.”

Buffalo Wild Wings closed on Tuesday at $160.86.