Truist Securities upgraded Wingstop (NASDAQ:WING) from Hold to Buy and sharply raised its price target to $400 from $274, citing growing confidence in a same-store sales rebound and long-term growth prospects. As a result, the company’s shares rose more than 2% pre-market today.
Analysts expect same-store sales (SSS) to bottom in Q2 2025 and begin reaccelerating in 2026, supported by improved transaction trends flagged in Truist’s proprietary card data for May. Additional upside is seen from the upcoming rollout of Wingstop’s “Smart Kitchen” initiative, which could provide a meaningful sales lift through operational efficiency and throughput gains.
Ongoing sales drivers—such as innovative marketing, digital ordering strength, and continued menu innovation—are expected to support momentum, while new store development in the mid-teens is forecast to continue fueling overall growth. Truist also sees potential for Wingstop to exceed its long-term development targets.