Wingstop price target lowered to $468 from $490 at Stephens

Stephens lowered the firm’s price target on Wingstop (WING) to $468 from $490 and keeps an Overweight rating on the shares after Q3 results included a modest same-store sales miss and reiterated FY24 comp growth guidance of about 20%. Despite lowering its price target the firm says it would be buyers of shares at current levels as it believes Wingstop is capable of delivering durable high-single digit percentage to double-digit traffic growth, combined with an “extensive runway for double-digit unit growth.”