Wingstop (WING) PT Raised to $393 at Truist Securities

Truist Securities analyst Jake Bartlett raised the price target on Wingstop (NASDAQ: WING) to $393.00 (from $345.00) while maintaining a Hold rating.

The analyst commented: "Wingstop appears to have beaten the consensus ests. for 2Q24 domestic store openings: Our web scrape of WING's domestic locations suggests 62 net openings in 2Q24, above consensus of 46 and our prior est. of 52 (we. now est. 62), with development backend weighted in the quarter (~55% opened in June). Our scrape undershot actual openings by 4 in 1Q24, overshot by 4 and 3 in 4Q23 and 3Q23 and undershot by 3 in 2Q23. We do not scrape for international store openings but est. 13 in 2Q24 (inline with cons.), for 75 total net openings, above cons. of 59. Given what looks to us like a fast start to '24 (we est. 140 total net openings), we expect WING to increase '24 development guidance to ~285-305, from 275-295, and we increased our est. to 300 (+13.6% Y/Y), from 290."

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