Wells Fargo Upgrades Wingstop (WING) to Outperform; Market Share Gains And Unit Growth Momentum
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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.
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