UPDATE: Raymond James Starts Shake Shack (SHAK) at Underperform
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(Updated - January 9, 2020 7:03 AM EST)
Raymond James analyst Brian Vaccaro initiates coverage on Shake Shack (NYSE: SHAK) with a Underperform rating.
The analyst comments "We initiate coverage of SHAK at Underperform as we believe Street expectations for 2020/2021 seem overly optimistic and create further downside risk from still elevated valuation levels (2020 EV/EBITDA ~26x). These concerns outweigh our generally constructive view of the Shake Shack concept and its long-term growth prospects, though we believe long-term investors may be presented with a better entry point over the next few quarters as expectations further reset."
Shares of Shake Shack closed at $61.30 yesterday.
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