Wingstop price target lowered to $300 from $375 at Piper Sandler

Piper Sandler analyst Brian Mullan lowered the firm’s price target on Wingstop (WING) to $300 from $375 and keeps a Neutral rating on the shares following quarterly results. While the domestic Q3 same-store sales result of +20.9% was very close to consensus, it was a few hundred basis points below its understanding of investor expectations. Related to this, Wingstop left its FY2024 same-store sales guidance of approximately +20% in place, as opposed to raising it. Taking these two things together, the stock was down about 21% the day of the release, and there has not been much in the way of a bounce-back in the two days post release either, Piper adds.