Shake Shack (SHAK) PT Raised to $120 at Oppenheimer on CEO Change

Oppenheimer analyst Michael Tamas raised the price target on Shake Shack (NYSE: SHAK) to $120.00 (from $108.00) while maintaining a Outperform rating.

The analyst commented: "In an unexpected move, PZZA's CEO Rob Lynch will leave the company to become the next CEO at SHAK effective May 20th. As a reminder, we downgraded PZZA to Perform on Jan. 5th despite our upbeat view of Mr. Lynch's leadership. Our more neutralized PZZA thesis remains unchanged, particularly as his departure could further stall the investment narrative in 2024. For Outperform-rated SHAK, we believe the shift represents a future catalyst for shares. Mr. Lynch will have robust equity incentives and brings a strong operational track record with scaled brands that could prove value-additive as SHAK embarks on its next phase of earnings growth. We increase SHAK's price target to $120."

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