Wingstop: Extraordinary Q2 Results, But Don't Expect Further Upside

Andrew1Norton/iStock via Getty Images Introduction & Investment Thesis I last wrote about Wingstop (NASDAQ:WING) in June, where I initiated a "sell" rating on the stock based on my belief that there was excessive investor optimism baked into its valuation, which would make it prone to a sizable pullback should management fail to surprise in future earnings reports along with macroeconomic uncertainties. The stock had declined more than 10% from my price at publication, underperforming the S&P 500. The compa ...