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Wingstop's Business Model 'Best Positioned' To Sustain Market Share Gains, Says Analyst

  • Wedbush analyst Nick Setyan reiterated Outperform rating on the shares of Wingstop Inc (NASDAQ: WING) with a price target of $177.00.

  • The analyst continues to view Wingstop's business model as among the best positioned to sustain market share gains post-COVID on top of what were outsized gains during COVID.

  • Despite traffic declines across the industry, WING's Q3 comp of 6.9% was driven largely by transaction growth, he added.

  • Annual pricing is expected to be no more than 1-1.5% going forward as peers raise prices by high-single-digit to low-double-digit.

  • He specified that continued growth in digital/ loyalty, the introduction of the chicken sandwich, and outsized YoY growth in national advertising remain transaction drivers through 2023 as well.

  • Setyan said food cost deflation remained a meaningful tailwind, as is increasing levels of boneless mix.

  • He added that perhaps no metric underlines Wingstop's uniquely favorable position better than 13% net unit growth in 2022 (surpassing street expectations), even as almost every other restaurant concept lowered unit growth expectations.

  • Price Action: WING shares are trading lower by 1.63% at $161.46 on the last check Thursday.

  • Photo Via Company

Latest Ratings for WING

Date

Firm

Action

From

To

Feb 2022

Wedbush

Maintains

Outperform

Dec 2021

Benchmark

Initiates Coverage On

Hold

Dec 2021

Barclays

Maintains

Overweight

View More Analyst Ratings for WING

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