Shake Shack initiated with a Neutral at BofA

BofA initiated coverage of Shake Shack with a Neutral rating and $66 price target. Shake Shack’s average unit volumes are stabilizing and pricing will likely moderate, the analyst tells investors. The firm expects a reversion to trend and forecasts comp growth of 4%-5% in Q4 and 2%-3% in FY24 and beyond, the analyst added.