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Buffalo Wild Wings: Hot Food, Lukewarm Outlook?

Super Bowl XLII is putting the take-out fast food business on the 50-yard line, but MKM Partners restaurant analyst Steve Anderson is urging investors to be cautious -- unless they want to go for the long ball.

A restaurant chain that will be doing big business during the big game is Buffalo Wild Wings, and the MKM Partners restaurant analyst acknowledges the company is likely to see an "amazing Sunday."

  • Video: Watch the entire analyst interview (2:47)

But amazing as it may be, it is, after all, just one day.

"We have to take a look at the longer-term perspective to see what the company is going to do," he told CNBC.

Anderson sees the chain's locations as a challenging issue.

"There are 500 locations nationwide," he said. "Half of those are in the Midwest, and four of the five biggest states where the company has exposure, they have higher-than-average unemployment rates, subprime ARMs and foreclosures."

Buffalo Wild Wings does have some ambitious growth plans, and there's also the possibility of a takeover down the road.

"The company does have very little debt," Anderson said. "I think that could be an attraction for any outside suitor."