American restaurant Wingstop (NASDAQ:WING) got a headstart as Bank of America analysts gave the company a Buy rating. They based their judgment on the restaurant’s potential, growth, and opportunity to take a larger market share.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
The team at BofA believes the company can drive growth through its products and operating models. Similarly, they mentioned that Wingstop can leverage advertising to spread its reach, boost sales, and introduce fresher items on its menu.
Furthermore, the analysts said the company can utilize digital engagements to drive traffic. At a time when online reviews really matter, it is not uncommon for restaurants to focus on reviews to draw more customers.
“We also anticipate continued strong value vs hamburger chains as commodity prices diverge (chicken breasts -11%) and (beef trim +28%),” the BofA analysts said.
Is Wingstop a Good Stock to Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on Wingstop stock based on six Buys, 10 Holds, and zero Sells assigned in the past three months, as indicated by the graphic above. Nevertheless, the average price target of $196.57 per share only implies 7.53% upside potential.