BUZZ-Wingstop up after Guggenheim upgrades to "buy" on sales reacceleration potential

Shares of restaurant chain Wingstop WING.O up ~4% at $242.60 premarket

Guggenheim upgrades stock to "buy" from "neutral", reinstitutes PT at $280

The company had reported Q4 revenue below estimates and forecast downbeat annual same-store sales on Wednesday, sending shares down 13.4%, following which at least 10 brokerages cut PT on stock on Thursday

Guggenheim sees comparable sales to hit bottom in Q2, at flat to slightly negative growth, before reaccelerating in second half of 2025; recommends buying WING early rather than late

Expects Wingstop to provide more disclosure on its international business over the next 12 to 18 months, which should help give investors more confidence in long-term store count potential

16 of 25 brokerages rate the stock "buy" or higher, and nine "hold"; with a median PT of $320- data compiled by LSEG

WING rose 10.8% in 2024