Wingstop Analysts Raise Their Forecasts After Strong Q3 Results

Wingstop Inc. WING posted upbeat earnings for the third quarter on Wednesday.

Wingstop reported third-quarter FY23 sales growth of 26.4% year-on-year to $117.1 million, beating the analyst consensus estimate of $109.08 million. Adjusted earnings of 69 cents per share beat the analyst consensus estimate of 52 cents per share.

Wingstop raised its FY23 domestic same-store sales growth outlook to about 16% from the previous 10% - 12% growth.

Wingstop shares gained 1.2% to trade at $198.91 on Thursday.

These analysts made changes to their price targets on Wingstop following earnings announcement.

• Barclays raised the price target on Wingstop from $208 to $225. Barclays analyst Jeffrey Bernstein maintained an Overweight rating.
• TD Cowen increased the price target on Wingstop from $210 to $235. TD Cowen analyst Andrew Charles maintained an Outperform rating.
• Stephens & Co. analyst Joshua Long, meanwhile, reiterated Wingstop with an Overweight and maintained a $240 price target.

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