Wingstop upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Wingstop (WING) to Overweight from Equal Weight with a price target of $389, up from $385. The firm says it has always liked the business model and notes Wingstop has been the most restrained on pricing in its coverage over the last five years, with the stock’s valuation its main hurdle to recommending the stock. Most of the other drivers of long term value, namely unit growth, “remain even better,” and should be in 2025 as well, the analyst tells investors in a research note. Morgan Stanley currently sees a more attractive opportunity on its discounted cash flow to valuation analysis basis, adding the drivers of Wingstop’s long term value is intact.