Shake Shack (SHAK) CFO Steps Down, Goldman Sachs Reiterates Neutral

March 30, 2021 6:12 AM EDT
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Price: $116.78 -1.87%

Rating Summary:
    5 Buy, 15 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 17 | Down: 13 | New: 41
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Goldman Sachs analyst Jared Garber reiterated a Neutral rating and $125.00 price target on Shake Shack (NYSE: SHAK) after the company announced that its CFO, Tara Comonte would be stepping down to take a CEO role at a private company within the life sciences/women’s health industry. Ms. Comonte joined SHAK in 2017 as CFO and was promoted in October 2019 to President and CFO, which came with the added responsibilities of scaling the company’s infrastructure, broadening support and guidance across day-to-day operations, and ensuring the successful execution of the SHAK’s strategic priorities.

The analyst stated "although we do understand that this transition could bring some investor uncertainty given the scale of Ms. Comonte’s responsibilities. The management team was quick to highlight the strong corporate infrastructure and strong balance sheet position that Ms. Comonte helped build during her tenure as CFO. We believe this foundation — across finance, operations, marketing, and digital — built over the last several years positions the company well to manage through the transition and maintain is strategic priorities of unit development and digital engagement."

For an analyst ratings summary and ratings history on Shake Shack click here. For more ratings news on Shake Shack click here.

Shares of Shake Shack closed at $110.00 yesterday.

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