Goldman Lifts Wingstop Target to $335 After 24.4% Margin Expansion
Goldman raised its price target to $335 from $315 after Wingstop drove restaurant-level margins to 24.4%, a 200 basis point year-over-year gain. Wingstop reported Q4 revenue of $175.7M, system-wide sales of $1.3B up 9.3%, and opened 493 net new restaurants.
1. Analyst Ratings and Targets
On February 18, Goldman raised its Wingstop price target to $335 from $315 and maintained a Buy rating following better-than-expected Q4 comps and margin expansion. That same day, TD Cowen nudged its 2026 same-store sales forecast to +0.5% from -0.5% but kept a Hold rating and a $285 target, warning of lingering operational challenges.
2. Q4 Financial Results
Wingstop reported Q4 revenue of $175.7 million versus a $177.36 million consensus and delivered system-wide sales of $1.3 billion, up 9.3% year over year. Restaurant-level margins expanded to 24.4%, driven partly by lower bone-in wing costs and improved comparable sales.
3. Growth and Outlook
In 2025, Wingstop opened 493 net new locations and entered six new international markets, rolling out its Smart Kitchen model across 2,586 domestic restaurants. Management highlighted 15% Adjusted EBITDA growth and reiterated the goal of exceeding 10,000 global restaurants, signaling confidence in long-term expansion.