Wingstop upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs upgraded Wingstop (WING) to Buy from Neutral with a price target of $377, down from $458. Despite “solid fundamentals with best-in-class returns and growth,” Wingstop shares are down 25% in the last month following a cost-driven Q3 miss and in light of investor concerns over potential same-store-sales deceleration in fiscal 2025, the analyst tells investors in a research note. However, Goldman is bullish on Wingstop, saying the company continues to drive strong multi-year same-store-sales growth, consistent double-digit unit growth and sustainable EBITDA growth in a largely franchised model.