Mizuho Securities Reaffirms Buy Rating on Wingstop, Citing Growth Potential and Strategic InitiativesWe agree (MSUSA - '26: 4.0%). However, (1) post-Q3, visibility into the lower Q4 run-rate could act as a catalyst as Q4 and 2026 hurdles are lowered, (2) drivers exist for SSS growth to return to the LSD-MSD range in 2026, (3) WING's franchised model limits EBITDA/EPS downside, (4) historically high franchisee profitability could still drive unit growth upside, and (5) the LT annual growth algorithm of high-teens-to-20% revenue growth and 20%+ EBITDA/EPS growth remains 3-4x franchised peers' LSD-MSD sytem and MSD-HSD EBITDA growth rates. WING's relative valuation premium is now 140% vs. a 200% 5-year median. We believe the latter is more appropriate. Therefore, we initiate with an OP rating and a $320 price target. Q3 exists, but print/results could act as a catalyst.