Wingstop Draws Retail Buzz: Analyst Says Stock Has Become Quite Attractive At Current Levels

• On Wednesday, Piper Sandler said investors' WING jumped to ‘extremely bullish’ from ‘neutral’ the day before.
• Piper Sandler cut WING’s price target to $190 from $283 but upgraded the rating to ‘overweight’ from ‘neutral.’ 
• Retail sentiment around WING jumped to ‘extremely bullish’ from ‘neutral’ one day ago.

Wingstop, Inc. (WING) drew intense buzz on Stocktwits after Piper Sandler suggested that investors take advantage of the decline in the American fast-food chain's shares.

WING stock snapped two consecutive sessions of gains on Wednesday and ended 6.5% lower at $144.87. However, the shares rose nearly 2% in overnight trading heading into Thursday.

On Wednesday, Piper Sandler said, “following a period of notable underperformance, the risk-reward on WING has become quite attractive at current levels”. Piper Sandler upgraded WING to ‘Overweight’ from ‘Neutral’ and cut price target to $190 from $283, representing a nearly 31% upside from the stock’s closing price on Wednesday, according to The Fly.

WING’S Same-Store Sales Growth Forecast Takes Center Stage

WING said in its fourth quarter earnings report that it expects flat to low-single-digit domestic same-store sales growth and a global unit growth rate of 15% to 16%.

Analyst Guggenheim said that WING can "likely drive a more than doubling in share price from current levels" if it is able to recover to low-single digit same-store sales growth while maintaining mid-teens global unit growth. Guggenheim maintained WING’s ‘buy’ rating, and cut price target to $255 from $315, according to a Wednesday report on The Fly.

On Monday, Wells Fargo maintained the company’s ‘overweight’ rating but cut its price target to $225 from $330. The firm noted that WING’s “de-rate makes sense amid choppy near-term trends and waning sentiment”.

Last week, Stifel said WING continues to struggle with same-restaurant sales, potentially down 7% in the first quarter, primarily due to poor tactical execution. However, the firm said the brand remains healthy "with investor expectations well below the sell-side mean estimates." Stifel maintained WING’s ‘buy’ rating but lowered price target to $250 from $325.

On Wall Street, out of 33 analysts covering WING stock, 21 have a ‘buy’ rating, while 7 have a ‘hold’ rating and 5 have a ‘strong buy’ rating, with an average price target of $314.87.

How did Retail Traders React to WING?

On Stocktwits, sentiment around WING jumped to ‘extremely bullish’ from ‘neutral’ one day ago, amid ‘extremely high’ message volumes. Engagement on the platform also surged: WING stock’s message volumes spiked 1200% over the last month.

One bullish user said, “$WING buying more here!”

Another added “$WING I'm in. What a steal.”

WING stock has declined 39% over the past year.

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