Shake Shack (SHAK) PT Lowered to $82 at SunTrust

SunTrust analyst Jake Bartlett lowered the price target on Shake Shack (NYSE: SHAK) to $82.00 (from $85.00) while maintaining a Buy rating.

The analyst commented, "We are adjusting our model following SHAK's participation on 1/14/20 at the 2020 ICR Conference. We previously published our takeaways for SHAK, but had not yet incorporated the few incremental data points provided, including 1) licensed store net openings (8 vs. our prior est. of 6), 2) reiterated '20 company-owned development guidance of 40-42 (we expected an early opening in 1Q20 (the first day), which cause a miss in '19, to boost '20 guidance), and 3) the temporary closure of the UWS during an expensive remodel. Lowering ests. and PT to $82, due to slower development."

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