Playing Offense - Club Wingstop Launches Just in Time for World Cup; Reiterate Buy and $305 PT

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Playing Offense - Club Wingstop Launches Just in Time for World Cup; Reiterate Buy and $305 PT

May 28, 2026 Wingstop Inc.

(WING, Buy, $305 PT)

Peter Saleh

Playing Offense - Club Wingstop Launches Just in Time for World Cup; (212) 527-3567 psaleh@btig.com

Reiterate Buy and $305 PT Ben Parente, CFARESTAURANTS (212) 588-6557 bparente@btig.com

WHAT YOU SHOULD KNOW: Wingstop launched its much anticipated loyalty program Company Data

yesterday, debuting Club Wingstop as a spending-based loyalty program that allows Closing Price $152.09

customers more than 20 redemption items across the menu. We looked at the details

Price Target $305.00 of the program and refreshed some analysis on competing programs and have theEQUITY Market Cap (M) $4,155.57 following takeaways. First, the earnings scheme (points per $) is pretty standard, but

the redemption options are much wider. Second, the program seems more experience- Enterprise Value (M) $5,826.34

driven than others with early flavor access, points sharing, merchandise and events, Shares Out (M) 27.32

we'll see how these develop. Finally, the reward value is similar to competing programs Avg Daily Vol-3 Months (M) 1.33

and its remarkable how consistent this is between all the restaurant brands, this likely Dividend / Yield $1.20 / 0.8%

isn't by accident. We recognize the benefits from loyalty will take time to accrue, butRESEARCH Revisions this has been a proven sales driver across the industry, and we're encouraged by the

timing ahead of the World Cup. We reiterate our Buy rating and $305 price target. Previous Current

Rating Buy Buy ■ Spend-Based Program with Wide Swath of Menu Rewards. Wingstop finally

launched its much-anticipated rewards program, Club Wingstop, on Wednesday. Price Target $305.00 $305.00