Wingstop price target raised to $285 from $238 at BofA

BofA analyst Sara Senatore raised the firm’s price target on Wingstop to $285 from $238 and keeps a Buy rating on the shares. High frequency data, including Bloomberg Second Measure observed sales and Placer traffic data, point to accelerating Wingstop sales growth in Q4, says the analyst, who believes the traffic-driven year-to-date trend has persisted into this quarter. The firm raised its Q4 U.S. system-wide same-store sales growth and EPS estimates and raised its FY24 estimates as well as it expects these trends to be sustained in the next year.