Wells Fargo Upgrades Wingstop (WING) to Outperform; Market Share Gains And Unit Growth Momentum
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Wells Fargo upgraded Wingstop (NASDAQ: WING) from Market Perform to Outperform and raises its valuation range to $32-34 from $25-27, saying they expect accelerating market share gains and unit growth momentum.
Analyst Jeff Farmer commented, "Upgrading shares to Outperform from Market Perform with growing fundamental evidence that the stock’s sizeable valuation premium is both merited and sustainable driven by Wingstop’s unrivaled unit development momentum, our expectation for accelerating market share gains in 2017 as the concept graduates to national TV advertising, and 90%+ free cash flow conversion ratio (vs. 15% average for other 10%+ unit growth stories). Raising 2016E EPS to $0.58 from $0.57 and 2017E to $0.66 from $0.63. Raising our valuation range to $32-34 from $25-27."
Shares of Wingstop closed at $26.98 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Wingstop (WING) Slips as Kase Capital's Tilson Said to be Short
- BTIG Cuts PT on Workday (WDAY) to $88 Following Q3 Results; Affirms at 'Buy'
- Jefferies Cuts Price Target on Eros Int'l (EROS) to $18 Following Multi-Year Deal
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Upgrades, Upgrades
Related EntitiesWells Fargo
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!