Buffalo Wild Wings (Nasdaq: BWLD) shares took a wild ride skyward yesterday, after the company reported its fourth-quarter results.

Net income increased 22% to $10.2 million, or $0.55 per share. Sales increased 13.1% to $163.9 million. On the downside, same-store sales fell 0.3% at company-owned restaurants and 1.1% at franchised locations.

Regardless, investors glossed over the disappointing comps and got excited about Buffalo Wild Wings' results yesterday, even though it's increasingly hard to muster similar enthusiasm about restaurant stocks in general.

Consider California Pizza Kitchen (Nasdaq: CPKI), which reported a loss for last quarter alongside a lackluster outlook for Q4. Investors aren't expecting great things from the likes of Cheesecake Factory (Nasdaq: CAKE) or Darden (NYSE: DRI), either. There are an awful lot of casual dining restaurants out there, and consumers may not be flush enough to support all of them these days.

Commodity inflation adds another dangerous angle to restaurant stocks. Even McDonald's (NYSE: MCD) is contemplating hiking the prices of some of its fare, although its strength in the value space still makes Mickey D's a defensive stock.

Buffalo Wild Wings seems a little detached from the macroeconomic difficulties that have plagued other companies; CEO Sally Smith talked optimistically about customer response to Super Bowl Sunday, and pointed to the company's formula of "wings, beer, and sports" for success. Smith still calls for 18% earnings growth this year, and with a 3.8% gain in same-store sales at company-owned stores year to date, 2011 is off to a nice start.

Furthermore, Buffalo Wild Wings' quarter doesn't seem to justify the kind of multiple attached to its shares; it's trading at 25 times trailing earnings and 21 times forward. However, the stock is still an active recommendation at Motley Fool Hidden Gems, so the Hidden Gems team likely disagrees with my take here. In my opinion, investors should stick to its spicy wings but pass on this pricey stock.

Buffalo Wild Wings is a Motley Fool Hidden Gems recommendation. Try any of our Foolish newsletter services free for 30 days.

Alyce Lomax does not own shares of any of the companies mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.