Wingstop (NASDAQ:WING) Price Target Lowered to $120.00 at TD Cowen

Key Points

• TD Cowen cut Wingstop’s price target to $120 from $160 and maintained a “hold” rating, implying 8.58% upside from the prior close.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $240.33, despite several recent target reductions.
• Wingstop shares opened at $110.52, near their 52-week low, while the latest quarter beat EPS expectations ($1.18 versus $1.02) but fell short on revenue and posted 6.5% year-over-year growth.

Wingstop (NASDAQ:WING - Get Free Report) had its price target dropped by stock analysts at TD Cowen from $160.00 to $120.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a "hold" rating on the restaurant operator's stock. TD Cowen's price target points to a potential upside of 8.58% from the company's previous close.

Several other equities analysts also recently commented on WING. Citigroup lowered their price objective on shares of Wingstop from $237.00 to $208.00 and set a "buy" rating for the company in a research note on Thursday, July 30th. UBS Group restated a "neutral" rating on shares of Wingstop in a report on Tuesday, July 14th. Mizuho lowered their price target on Wingstop from $280.00 to $240.00 and set an "outperform" rating for the company in a research report on Friday, July 24th. DA Davidson dropped their price objective on Wingstop from $200.00 to $190.00 and set a "buy" rating for the company in a report on Thursday, July 30th. Finally, Bank of America dropped their price objective on Wingstop from $264.00 to $234.00 and set a "buy" rating for the company in a report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $240.33.

Wingstop Stock Performance

Shares of Wingstop stock opened at $110.52 on Friday. Wingstop has a 52-week low of $105.43 and a 52-week high of $302.80. The company's 50 day moving average price is $128.15 and its 200-day moving average price is $157.03. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of 26.25, a P/E/G ratio of 1.32 and a beta of 1.79.

Wingstop (NASDAQ:WING - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The restaurant operator reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.16. The business had revenue of $185.56 million during the quarter, compared to analysts' expectations of $190.25 million. Wingstop had a net margin of 16.15% and a negative return on equity of 16.31%. The firm's revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.00 EPS. As a group, equities research analysts forecast that Wingstop will post 4.5 earnings per share for the current fiscal year.

Institutional Trading of Wingstop

Several institutional investors and hedge funds have recently bought and sold shares of WING. Allworth Financial LP bought a new position in shares of Wingstop in the 2nd quarter worth approximately $34,000. GW&K Investment Management LLC boosted its position in shares of Wingstop by 75.7% during the fourth quarter. GW&K Investment Management LLC now owns 188 shares of the restaurant operator's stock valued at $45,000 after purchasing an additional 81 shares in the last quarter. Harbor Investment Advisory LLC bought a new stake in shares of Wingstop during the second quarter valued at approximately $46,000. Geneos Wealth Management Inc. grew its stake in Wingstop by 121.4% in the first quarter. Geneos Wealth Management Inc. now owns 217 shares of the restaurant operator's stock worth $49,000 after purchasing an additional 119 shares during the period. Finally, Global Retirement Partners LLC purchased a new stake in Wingstop in the second quarter worth $62,000.

About Wingstop

Wingstop Inc NASDAQ: WING is a fast-casual restaurant chain specializing in chicken wings and related menu items. Founded in 1994 in Garland, Texas, the company has built its brand around bold, chef-inspired wing flavors and a streamlined service model that caters to dine-in, takeout, delivery and catering orders.

The company's core offerings include both bone-in and boneless chicken wings tossed in a variety of proprietary rubs and sauces, such as Original Hot, Lemon Pepper, and Mango Habanero.

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