Wingstop price target lowered to $390 from $440 at Wedbush

Wedbush lowered the firm’s price target on Wingstop (WING) to $390 from $440 and keeps an Outperform rating on the shares following quarterly results. The firm argues that magnitude of post-Q3 weakness is unwarranted. Wedbush believes Wingstop remains uniquely positioned within the industry to deliver transaction growth outperformance over the near-, medium-, and longer-term in any macro backdrop. Further, the firm continues to expect same-store sales growth outperformance to drive industry-leading unit economics, resulting in acceleration in unit growth and annual long-term EBITDA growth above management’s current long-term targets.