Wingstop downgraded to Market Perform from Outperform at BMO Capital

BMO Capital downgraded Wingstop to Market Perform from Outperform with a $190 price target. The downgrade does not reflect a change in view on the company’s fundamentals, but rather discipline as the shares are more fully valued following the 30% appreciation year-to-date, the analyst tells investors in a research note. BMO believes Wingstop appears very well positioned in the near-term and remains among the most compelling long-term growth stories in restaurants. However, the market is now better appreciating the company’s positives and its growth is likely to be more muted in the second half of 2023, the firm contends.