Shake Shack (SHAK) PT Lowered to $85 at Stifel

May 7, 2021 10:14 AM EDT
Get Alerts SHAK Hot Sheet
Price: $94.39 -2.68%

Rating Summary:
    7 Buy, 13 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 15 | Down: 13 | New: 24
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Stifel analyst Chris O\'Cull lowered the price target on Shake Shack (NYSE: SHAK) to $85.00 (from $90.00) while maintaining a Hold rating.

The analyst commented, "SHAK reported results below investor expectations last night, with stronger nominal SRS resulting in revenue underperformance, coupled with lower-than-expected margin. Absent a large tax benefit, EPS would have been well short of Street expectations. SHAK's 2Q guidance was also disappointing, resulting in meaningful downward earnings revisions. A favored idea for the "reopening trade" before the report, SHAK's results did not indicate it has been as strong a beneficiary as many might have expected. Moreover, given the difficulty in divining results for a system where only ~65% of locations are in the comp base, with outsized sales impacts from a handful of stores, we remain Hold rated until there is a greater sense of clarity around the long-term sales and margin outlook. We lowered our EPS estimates for FY21 to $0.00 (from $0.15) and FY22 to $0.60 (from $0.85)."

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