Wells Fargo lowered the firm’s price target on Wingstop (WING) to $225 from $330 and keeps an Overweight rating on the shares. Restaurant delivery sales are up 340% since 2019 and about 25% of the industry pie, the firm notes. Wells also points out that there’s no shortage of headwinds and the group’s de-rate makes sense amid choppy near-term trends and waning sentiment. Thus, the firm prefers defense, idiosyncratic stories and quality growth that’s pulled back.
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