Although Wingstop Inc (NASDAQ:WING) is likely to miss the consensus estimate for domestic same-store sales growth in the second quarter of 2026, the recent pullback in the stock has made the risk-reward "quite attractive," according to Piper Sandler.

The Wingstop Analyst: : Analyst Brian Mullan upgraded the rating from Neutral to Overweight, while reducing the price target from $283 to $190.

The Wingstop Thesis: The consensus estimates for same-store sales, adjusted EBITDA, adjusted earnings per share, and net unit growth are likely to be revised lower in the coming months, Mullan said in the upgrade note.

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There are also no signs of stabilization in Wingstop's top-line trends, he added.

The recent price action and conversations with investors indicate that concerns around the company's performance in the back half of the year "have increased meaningfully," the analyst stated.

With the stock down around 40% in March, markets seem to have already priced in the concerns, he added.

This is why "the stock is where it is; which is what we believe is presenting investors with the opportunity," Mullan further wrote.

WING Price Action: Wingstop shares were up 5.96% at $153.50 at the time of publication on Thursday, according to Benzinga Pro data.

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