Wingstop price target lowered to $380 from $470 at Barclays

Barclays analyst Jeffrey Bernstein lowered the firm’s price target on Wingstop (WING) to $380 from $470 and keeps an Overweight rating on the shares. The company’s Q3 missed elevated expectations yet was still very strong with a 21% traffic-led comp, and 2024 unit guide was raised, demonstrating franchisee demand, the analyst tells investors in a research note. The firm is a buyer on the post-earnings selloff citing Wingstop’s consistent 40%-plus three-year stack comp.