Buffalo Wild Wings got downgraded.

Buffalo Wild Wings (NASDAQ:BWLD) received a stock rating upgrade from Telsey Advisory Group on Mar-29-16. In a note to investors, the firm issued an Outperform rating and hiked the target price on the stock from $165 to $175. The analysts previously had a Market Perform rating on the stock.

Analysts have a consensus target price of $175.88 in the 12-month period. The price objective is 14.69% higher than the recent closing price of $153.35. The 52-week price range is $134.95-$205.83 and the company has a market capitalization of $2.89 billion. Analysts covering the shares maintain a consensus Buy rating, according to Zacks Investment Research. Zero analyst has rated the stock with a sell rating, 10 has assigned a hold rating, 2 says it’s a buy, and 9 have assigned a strong buy rating to the company.

Buffalo Wild Wings (BWLD) on February 3, 2016 announced financial results for the fourth quarter and fiscal year ended December 27, 2015. Highlights for the fourth quarter, versus the same period a year ago, were:

• Total revenue increased 19.9% to $490.2 million


• Company-owned restaurant sales increased 21.3% to $466.4 million


• Same-store sales grew 1.9% at company-owned restaurants and 0.1% at franchised restaurants


• Net earnings increased 24.4% to $25.3 million from $20.3 million, and earnings per diluted share increased 23.4% to $1.32 from $1.07

Sally Smith, President and Chief Executive Officer, commented, “Our 2015 same-store sales increased 4.2% at company-owned restaurants and 2.5% at franchised locations. Same-store sales growth in the fourth quarter of 1.9% at company-owned restaurants and 0.1% at franchised locations did not meet our expectations, although they continued to outpace the casual dining industry. We estimate the holiday shifts for Halloween and Christmas negatively impacted fourth quarter same-store sales by 30 basis points. Our restaurant sales increase of 21.3% in the fourth quarter was driven by 105 additional company-owned restaurants this year.”

Ms. Smith continued, “Net earnings increased 24.4% during the fourth quarter primarily from increased revenue and leveraging food and labor costs as a percentage of restaurant sales. Depreciation and amortization as a percentage of total revenue increased compared to the prior year as a result of our new restaurant development and franchise acquisitions. We also recorded $3.3 million in pre-tax loss on asset disposals and impairments during the quarter. These non-cash charges tempered our net earnings growth for the year.”

Total revenue increased 19.9% to $490.2 million in the fourth quarter, compared to $408.9 million in the fourth quarter of 2014. Company-owned restaurant sales for the quarter increased 21.3% over the same period in 2014, to $466.4 million, driven by a same-store sales increase at company-owned Buffalo Wild Wings restaurants of 1.9% and 103 additional company-owned Buffalo Wild Wings restaurants at the end of the fourth quarter of 2015 relative to the same period in 2014.

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