Wingstop price target lowered to $150 from $174 at Jefferies

Jefferies analyst Andy Barish lowered the firm’s price target on Wingstop to $150 from $174 and keeps an Underperform rating on the shares. Drivers of sales and the core business appear to be sustaining, as is wing cost favorability, though the former is likely moderating in the second half and optics around normalization at the latter is an overhang on stock, says the firm, which sees risk to downside in the context of an elevated multiple.