Wingstop's Growth Potential Amidst Macroeconomic Challenges: A Buy Rating PerspectiveWe believe macro variables and a tough year-ago comparison of 20.9% contributed to the weakness, with the former inclusive of trade down and check management in lower-income, Hispanic, and younger customers. Combined with global systemwide unit growth expansion in the high teens, we anticipate a 10% increase in total revenue to $179 million, below consensus of $189 million. With 40 basis points of company- owned unit-level margin expansion, 30 basis points of deleverage on 12% increase in high-margin franchised revenue, we expect adjusted EBITDA margin to contract 60 basis points, yielding an 8% increase in adjusted EBITDA to $58 million ($4 million below consensus).Stock Thoughts and Risks.