Benchmark upgrades ‘best in breed’ Wingstop to Buy following pullback

As previously reported, Benchmark upgraded Wingstop (WING) to Buy from Hold with a $340 price target after yesterday’s 21% pullback in shares of the “best-in-breed operator” following the company’s Q3 earnings report. The firm believes that “the angst behind yesterday’s sell off is largely misplaced” as concerns about slowing same-store sales growth, while real, are more representative of Wingstop lapping four consecutive quarters of 20%-unit growth in the upcoming four quarters versus there being any evidence of brand related issues, the analyst tells investors.