As previously reported, Oppenheimer analyst Michael Tamas started coverage of Wingstop with a Perform rating despite "strong fundamentals," as expectations appear elevated highlighted by strong year-to-date same-store sales and consensus estimates above management's targeted long-term growth. Further, he notes that the Street already forecasts mid-teens EBITDA growth annually and his analysis points to limited upside, capital returns via special dividends every 18 months represent a well-understood playbook, and a 49-times EV/EBITDA multiple off 2020E appears to appreciate current sales momentum.