Wingstop upgraded to Strong Buy from Outperform at Raymond James

Raymond James analyst Brian Vaccaro upgraded Wingstop (WING) to Strong Buy from Outperform with an unchanged price target of $420. The firm believes the choppy” third party data in recent weeks create modest risk to the company’s Q3 comps and drove the recent pullback in the shares. However, it remains confident that Wingstop’s comp sales can start to improve through September and accelerate further through Q4 as comparisons ease. Raymond James also believes Smart Kitchen is a “game changer” for the company. Wingstop’s valuation is even more attractive at current levels, the firm contends.