RBC Capital analyst Logan Reich lowered the firm’s price target on Wingstop (WING) to $275 from $340 and keeps an Outperform rating on the shares, previewing its Q1 results. The firm is modeling a Q1 SSS miss as macro pressures continued to weigh on Wingstop’s core consumer and weather was likely a 100bps headwind in the quarter, the analyst tells investors in a research note. RBC adds however that given best-in-class franchisee returns on capital, the firm does not believe there’s elevated potential for a unit growth guidedown.
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