Wingstop downgraded to Underperform from Hold at Jefferies

Jefferies analyst Andy Barish downgraded Wingstop to Underperform from Hold with an unchanged price target of $160. The stock’s valuation seems to reflect an "overly optimistic view" of near-term same store sales momentum, the analyst tells investors in a research note. Street estimates are fair, but upside appears limited, including in the second half of 2023 where the setup around decelerating trends "also adds risk to the multiple," contends the firm. As such, it believes Wingstop’s risk/reward is skewed to the downside.