Shake Shack (SHAK) PT Raised to $125 at BTIG
BTIG analyst Peter Saleh raised the price target on Shake Shack (NYSE: SHAK) to $125.00 (from $120.00) while maintaining a Buy rating.
The analyst comments "We hosted an investor meeting with Shake Shack CFO Katie Fogertey and Mike Oriolo, Head of Financial Planning & Analysis, following first quarter earnings last week. We reiterate our Buy rating and are raising our price target by $5 to $125 following the meeting, as we believe the combination of technology (kiosks), enhanced operating model (less labor), and greater marketing are adding up to a very powerful, and profitable, combination. We expect these efforts will not only drive same-store sales growth, but also meaningful restaurant margin expansion in the near and long term. Major discussion topics during our meeting included development strategy, digital sales, operations focus, margin outlook, marketing, and customer frequency as we detail further."