Wedbush raised the firm’s price target on Wingstop to $440 from $425 and keeps an Outperform rating on the shares. Based on the strength of the firm’s checks, Wedbush conservatively increases its Q3 domestic franchised same-store sales growth estimate to 22.0% from 19.0%, vs. 20.6% consensus. The firm expects same-store sales growth outperformance to drive industry-leading unit economics, resulting in acceleration in unit growth and annual LT EBITDA growth above management’s current long-term targets.
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