Wingstop upgraded to Buy from Neutral at BTIG

BTIG upgraded Wingstop (WING) to Buy from Neutral with a $370 price target The analyst cites the post-earnings selloff in the shares for the upgrade. The decline below $300 represents an attractive opportunity for long-term investors willing to look past the “hyper-analyzing over what guidance implies” for Q4 comps, the analyst tells investors in a research note. BTIG believes Wingstop has a strong brand with “ample resources to reaccelerate” same-store sales, including increased advertising, menu innovation with chicken sandwich or tenders, and promotions like the boneless bundle. It also believes management could at some point increase the royalty rate on new units to capture further earnings potential.