After Buffalo Wild Wings' Q4 results came in far below Street expectations and management gave more details about potential refranchising and said it will scale back development, Maxim analyst Stephen Anderson said the recent underperformance has increased the likelihood of a proxy fight with activist Marcato Capital. Despite the potential for board changes and a more shareholder-friendly strategy, Anderson keeps a Hold rating on the shares, given challenges to the midscale bar-and-grill segment and the company's exposure to NFL ratings declines. He lowered his price target on the stock to $145 from $155.