Buffalo Wild Wings (NASDAQ: BWLD) was hit with another downgrade today, as shares continue a'blazin' three-year climb northward, up as much as 61% since the start of this year. Sanders Morris Harris downgraded Buffalo Wild Wings to Sell from Buy, telling investors to take profits this morning, despite still being favorable on the restaurant's long-term outlook.

This isn't the only recent Buffalo Wild Wings downgrade. Last Thursday, Merriman downgraded shares to Neutral from Buy, suggesting the company's potential second quarter upside was already reflected in the stock's valuation. They recommended investors to wait on the sidelines for a better entry point.

Despite the favorable long-term outlook of the company and what BB&T called Buffalo Wild Wings' third-straight "blowout quarter," according to the Chicago Tribune, the short position of the company has grown to nearly 25%. This suggests many investors believe shares may be getting ahead of themselves.

When looking at the company's $700 million in cash and zero debt, along with the solid fundamentals and goal to have 1,000 restaurants by 2012, one could see the long-term potential of Buffalo Wild Wings. With shares up nearly 61% since January, a recent 2-for-1 stock split and a 25% short position pressuring shares, investors must take Merriman and Sanders Morris' recommendations seriously.

Shares of Buffalo Wild Wings were down -1.38%, to $42.15, in mid-day trading.

Kevin Shult is a writer for TheFlyOnTheWall.com (subscription required).