Wedbush analyst Nick Setyan downgraded Shake Shack to Neutral from Outperform in conjunction with his restaurant sector overview and 2023 outlook note. While the company’s urban recovery continues, it is occurring "at a much slower pace than we originally expected," Setyan tells investors. He believes that in the current environment Shake Shack will be hard-pressed to increase prices even further without impacting transactions, noting that his margin forecasts are below current consensus expectations.
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