Wingstop Tackle Chicken Wing Shortage with Thighstop Virtual Restaurant
Wingstop (WING) has come to consumers’ rescue, tackling the chicken wing shortage head-on with its virtual thigh product offering. Thighstop, a virtual restaurant with more than 1,400 outlets, is the company’s response to escalating wing prices.
Thighspot will serve up crispy chicken thighs in 11 flavors, and customers can opt for either a bone-in or boneless thigh. Customers can place orders and have them delivered through delivery partner DoorDash (DASH). In addition, customers can still pick up their orders from 1,400 outlets nationwide. (See Wingstop stock chart on TipRanks)
“Wingstop pioneered the concept of chicken wings as a center-of-the-plate item. Although Thighstop is in its infancy, we’ve been exploring bone-in and boneless thighs as center-of-the-plate options for some time now as a way to offer fans new ways to enjoy Wingstop’s bold, distinctive and craveable flavors,” said Charlie Morrison, CEO of Thighstop. (See DoorDash stock chart on TipRanks)
Stephens analyst James Rutherford has reiterated a Buy rating on the stock with a $172 price target, implying 16.6% upside potential to current levels. According to the analyst, the launch of the virtual Thighstop restaurant is a noble idea in response to rising chicken wing prices.
According to the analyst, Wingstop’s unveiling of a new brand signals long-term opportunity in the chicken thighs business.
Consensus among analysts is a Moderate Buy based on 10 Buys and 5 Holds. The average Wingstop analyst price target of $167.73 implies 13.73% upside potential to current levels.
WING scores 3 out of 10 on TipRanks’ Smart Score rating system, suggesting that the stock is likely to underperform market averages.
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