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Fly News Breaks for April 2, 2019
WING
Apr 2, 2019 | 07:46 EDT
Guggenheim analyst Matthew DiFrisco downgraded Wingstop to Neutral from Buy and lowered his price target for the shares to $72 from $80. The analyst sees increased risk to moderating new store growth and the current valuation multiple. Rising wing costs, coupled with a 100 basis point increase to advertising contributions, represent headwinds to Wingstop's 10% franchise development goal, DiFrisco tells investors in a research note. The analyst reduced his below-consensus EBITDA and earnings estimates to reflect lower company store revenue and profit. However, he raised his Q1 same-store-sales estimate from 3% to 3.5% on account of strong wing conversations across Instagram and elevated marketing.
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