Wingstop price target raised to $407 from $393 at Truist

Truist raised the firm’s price target on Wingstop to $407 from $393 and keeps a Hold rating on the shares as part of a broader research note previewing Q2 same-store-sales for Restaurants. The firm cites Truist Card Data pointing broadly to sales downside, with pressure on fast food as the recent value promotions are not helping yet but strength in the “fast casual” segment, the analyst tells investors in a research note. For Wingstop, Truist Card Data suggests sales of $1.13B, which is 6.7% above consensus, the firm adds, stating that a “strong beat does appear likely” as data has correctly pointed to strong beats in each of the last five quarters.