Wingstop price target lowered to $180 from $185 at Wedbush

Wedbush lowered the firm’s price target on Wingstop to $180 from $185 and keeps an Outperform rating on the shares. The firm notes Wingstop reported Q2 EPS above expectations on better-than-expected same-store sales growth. Wedbush thinks 2023 same-store guidance is conservative, but also underlines the company’s near-term Catch-22 position. While the firm believes near-term comp drivers are in-tact, Q2’s comp strength or the current comp trend-line does not yet alleviate our concern regarding Wingstop’s ability to anniversary these tough first half of 2023 compares in the first half of 2024.