SunTrust analyst Jake Bartlett raised his price target on Wingstop to $72 and kept his Buy rating, saying that after a spike in wing prices in FY17, their recent retreat gives him confidence in the company's "reaccelerating development". The analyst adds that wing prices accounted for 60% of cost of goods sold in FY17 which curtailed unit growth, but expects U.S. market penetration to re-accelerate in FY19 and FY20 as wing prices fell about 25% year-to-date. Bartlett further states that while the % of franchisees who owned 5 stores or less has declined from 93% in 2014 to 65%, the company's overall dependence on small franchisees suggests dependence on near-term cash flows.