Stephens keeps an Overweight rating and $240 price target on Wingstop after its Q3 earnings beat and traffic-led same-store sales beat of 850 bps. The results were especially encouraging as the concept increased frequency among the lower and higher income cohorts while comping over tough laps from the new third party marketplace platform and the relaunch of the chicken sandwich, the analyst tells investors in a research note.
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Read More on WING:
- Wingstop price target raised to $220 from $200 at Wedbush
- Wingstop raises FY23 domestic same store sales growth view to 16% from 10%-12%
- Wingstop Inc. Reports Fiscal Third Quarter 2023 Financial Results
- Wingstop reports Q3 adjusted EPS 69c, consensus 51c
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