Wingstop price target lowered to $265 from $345 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Wingstop (WING) to $265 from $345 and keeps an Overweight rating on the shares. A fundamental downcycle is longer lasting than the firm had expected, but the firm defends the stock now “simply on the basis that sentiment seems so one-sided and any step in the right direction should help the stock materially,” the analyst tells investors in a preview. However, the firm adds that the stock is “the cheapest its ever been (if not cheap in absolute), which may be justifiable given the quarter could be one of its worst since IPO.”