UPDATE 2- Buffalo Wild Q3 earnings miss analysts' view

(Adds analyst's comments, conference call detail, updates share movement)

BANGALORE, Oct 30 (Reuters) - Buffalo Wild Wings Inc (BWLD.O: Quote, Profile, Research, Stock Buzz) reported a 20 percent increase in third-quarter earnings, which however fell short of analysts' estimates, sending shares down almost 13 percent.

The investors may have been disappointed by the company's comments on its same-store sales trend in the fourth quarter, Morgan Keegan analyst Destin Tompkins said by phone.

The Minneapolis-based company said in a conference call with analysts that to date in the fourth quarter, same-store sales were up 4 percent for company-owned restaurants and about 2.5 percent for franchised locations.

Tompkins said the 4 percent rise in same-store sales "is less than half of what they were in Q3 and... below where people expected Q4 to start." Tompkins has a "market perform" rating on the stock.

The restaurant chain operator also said, in a statement, that its acquisition of nine franchised restaurants in the Las Vegas area, which was expected to close in the fourth quarter and add to earnings, would now be completed in 2008.

To close the deal, Buffalo Wild needs to obtain gaming license approvals, which the company said is taking longer than expected. The company backed its growth targets of 25 percent for earnings and 20 percent for revenue in 2007 and 2008. For 2007, analysts expect earnings of $1.16 a share, before items, on revenue of $330.3 million, according to Reuters Estimates.

Buffalo Wild reported net income of $4.3 million, or 24 cents a share for the third quarter, compared with $3.5 million, or 20 cents a share, a year ago.

Revenue for the quarter rose 20.5 percent to $82.4 million, driven by an 8.3 percent increase in same-store sales at company-owned restaurants and a 5.9 percent increase at franchised restaurants.

Analysts expected the company to earn 26 cents a share, before items, on revenue of $81.6 million for the quarter. Shares of the company fell to $33.95 in late electronic trade after closing at $38.91 Tuesday on the Nasdaq. (Reporting by Sreerupa Mitra in Bangalore)