Buffalo Wild Wings 'going higher,' says Cramer

Strong earnings results from Buffalo Wild Wings is not the only reason CNBC's Jim Cramer thinks restaurant chain operator's stock looks appetizing.

Read MoreBuffalo Wild Wings tops Street 3Q forecasts

"This is a virtuous cycle story and every time people think it's tapped out, they come up with new ways to make money," Cramer said Tuesday on "Squawk on the Street." "This is a story that is not run out and yet a lot of people think it's run out of gas."

The wings joint added pizza to its menu, for example, Cramer said. It bought a minority stake in the build-you-own pizza chain PizzaRev last year.

Looking forward, B-Dubs plans to add new locations of its restaurant-bars. It will also raise prices by 3 percent with "very little to no resistance" from customers, he said.

"Chicken wing prices have been high. There's a chance that prices are going to come down in 2015. Extra Thursday night games in the NFL. This really plays to their strength," he said. "Stock's going higher."

Earlier, B-Dubs beat estimates by 7 cents with quarterly profit of $1.14 per share thanks to improved same-store sales.

DISCLOSURE: When this story was published, Cramer's charitable trust did not own Buffalo Wild Wings.