Stifel analyst Chris O’Cull upgraded Wingstop to Buy from Hold with a price target of $200, up from $180. The analyst believes company is poised to “successfully lap” difficult comp comparisons in the the second half of 2023 as menu innovation and delivery channel growth, augmented by rapid expansion in the national ad fund, continue to build “top-of-mind awareness and drive incremental usage.” Wingstop’s growing scale also translates into better visibility into long-term food costs, the analyst tells investors in a research note.
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