Shares of Buffalo Wild Wings (BWLD) were down nearly 4% in morning trading Tuesday after analysts at Webush downgraded the stock to "underperform" from "neutral" while also slashing its price target to $115 from $150. 

The new price target represents a potential downside of 24% from the stock's previous closing price of $151.

The firm believes the company's future same store sales growth will be driven by promotional activity, which will hurt the company's margins. 

On Tuesday the company issued a letter urging shareholders to vote for the company's nominees for its board of directors.

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