Wingstop price target lowered to $350 from $370 at BTIG

BTIG analyst Peter Saleh lowered the firm’s price target on Wingstop (WING) to $350 from $370 and keeps a Buy rating on the shares. The firm is reducing its full year same-store sales estimates to 2.5% – the low-end of management’s guidance – reflecting more muted comp expectations for Q2 and the second-half, driven by a softer consumer environment and more intense promotional cadence among quick-service operators, the analyst tells investors in a research note. BTIG adds however that the nearly 50% decline in shares over the past six months is overdone.