Wingstop Inc A deal on WINGs

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Wingstop Inc A deal on WINGs

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Wingstop Inc

A deal on WINGs

Reiterate Rating: BUY | PO: 234.00 USD | Price: 150.41 USD

Low-income has dragged, but wages are ticking back up 24 June 2026

Wingstop’s customer base overindexes to lower income households, the cohort that has Equity

been under the greatest economic pressure. But a recent Bank of America Institute

report suggests accelerating wage growth for lower- and middle-income households

Key Changes(see the Bank of America Institute Employment Report for methodology, limitations, and

disclaimers related to Bank of America internal data). WING should benefit (US$) Previous Current

disproportionately. Price Obj. 264.00 234.00

2026E Rev (m) 803.5 782.6

2027E Rev (m) 951.1 916.8Slowing unit growth should help…

While the macro backdrop has contributed to WING’s slowing SSSG, we think 2028E Rev (m) 1,103.5 1,057.1

accelerating unit growth and the absence of price point value have too. Systemwide 2026E EPS 4.61 4.38

sales growth has been more stable than SSSG, suggesting increased cannibalization. 2027E EPS 5.75 5.42

Category demand remains robust, and we expect stable domestic net adds, implying a 2028E EPS 6.89 6.45

glidepath lower on the rate of growth, with SSSG accelerating in tandem.

Sara Senatore

As should a marketing pivot ResearchBofAS Analyst

We think a lack of price point value advertising has also hurt. Wingstop’s increased +1 646 743 2110 sara.senatore@bofa.com

emphasis on value through marketing ($1 wings) and the launch of its Club Wingstop

loyalty program mark a shift in focus. Consumer perceptions have improved sharply on

WING’s price and on service, a leading indicator for SSSG.

Stock Data

Valuation more closely tracks SSSG Price 150.41 USD