Zacks Investment Research Upgrades Buffalo Wild Wings (BWLD) to “Buy”
Buffalo Wild Wings (NASDAQ:BWLD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm presently has a $176.00 target price on the restaurant operator’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.14% from the stock’s current price.
According to Zacks, “Various innovative initiatives undertaken by Buffalo Wild Wings like menu innovation, promotional and value offerings, roll-out of loyalty program and delivery, enhancement of digital capabilities along with international expansion are positives. The move to try small, fast food style stores given consumers inclination toward to-go and in-home dining experiences also bodes well. Notably, the company's earnings and revenues have been mostly missing the Zacks Consensus Estimate in the trailing 11 quarters. Moreover, the company’s comps have been under pressure due to the choppy restaurant sales environment. The menu price increases made by the company might affect traffic trends in the near term, thereby further weighing on traffic. Buffalo Wild Wings’ shares underperformed the industry in the past year. Earnings estimates for 2017 have gone up in the past 60 days.”
A number of other analysts have also recently issued reports on BWLD. Barclays reduced their price objective on shares of Buffalo Wild Wings from $144.00 to $128.00 and set an “overweight” rating for the company in a research note on Wednesday, October 18th. BMO Capital Markets set a $157.00 price objective on shares of Buffalo Wild Wings and gave the stock a “hold” rating in a research note on Wednesday, November 29th. Morgan Stanley increased their price objective on shares of Buffalo Wild Wings from $112.00 to $124.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 26th. Stifel Nicolaus set a $115.00 price objective on shares of Buffalo Wild Wings and gave the stock a “hold” rating in a research note on Thursday, October 26th. Finally, Canaccord Genuity reissued a “hold” rating and issued a $157.00 price objective on shares of Buffalo Wild Wings in a research note on Tuesday, November 28th. One analyst has rated the stock with a sell rating, twenty-three have issued a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $146.09.
In other Buffalo Wild Wings news, Director International Master F. Marcato acquired 950,000 shares of the stock in a transaction on Tuesday, December 19th. The stock was acquired at an average price of $156.60 per share, for a total transaction of $148,770,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Marcato Capital Management Lp sold 200,094 shares of the stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $155.54, for a total transaction of $31,122,620.76. The disclosure for this sale can be found here. Company insiders own 1.19% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the business. Koch Industries Inc. bought a new position in Buffalo Wild Wings during the second quarter valued at $618,000. Dimensional Fund Advisors LP lifted its position in Buffalo Wild Wings by 6.0% during the third quarter. Dimensional Fund Advisors LP now owns 485,970 shares of the restaurant operator’s stock valued at $51,367,000 after purchasing an additional 27,330 shares during the last quarter. Victory Capital Management Inc. lifted its position in Buffalo Wild Wings by 36.8% during the third quarter. Victory Capital Management Inc. now owns 410,928 shares of the restaurant operator’s stock valued at $43,435,000 after purchasing an additional 110,439 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Buffalo Wild Wings by 1.5% during the third quarter. Bank of New York Mellon Corp now owns 355,668 shares of the restaurant operator’s stock valued at $37,594,000 after purchasing an additional 5,399 shares during the last quarter. Finally, 3G Capital Partners LP bought a new position in Buffalo Wild Wings during the third quarter valued at $30,290,000. Institutional investors and hedge funds own 92.32% of the company’s stock.
About Buffalo Wild Wings
Buffalo Wild Wings, Inc is the owner, operator and franchisor of restaurants. As of December 25, 2016, the Company’s made-to-order menu items included 16 sauces and five seasonings, ranging from Sweet BBQ to Blazin. The Company’s restaurants offer 20 to 40 domestic and imported beers on tap, including craft brews, and a selection of bottled beers, wines and liquor.
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