Raymond James Upgrades Wingstop To Strong Buy On Growth Potential

Raymond James upgraded Wingstop (NASDAQ:WING) from Outperform to Strong Buy, setting a price target of $420.00.

The firm noted that shares rallied from about $290 to $380 following second-quarter results before pulling back by roughly $55 over the past two weeks, a move it attributed to mixed third-party data that may modestly pressure third-quarter comparable sales. However, Raymond James said it remained confident that comps will improve through September and accelerate in the fourth quarter as comparisons ease.

The brokerage highlighted Wingstop’s proprietary Smart Kitchen system as a key driver, improving throughput, reducing ticket times to around 10 minutes from 18–22 minutes, and boosting guest satisfaction. Additional benefits included stronger performance in company-owned locations, faster delivery times, and improved third-party delivery comps in certain markets. The upcoming launch of the chain’s first loyalty program in 2026 is also seen as a future comp driver.

Raymond James said Wingstop’s valuation is attractive at current levels, noting a 2026E EV/EBITDA of about 34x and roughly 30% upside to its DCF-based fair value estimate.