Raymond James upgraded Shake Shack to Strong Buy from Outperform with an unchanged price target of $78. The analyst believes the company is still in the early innings of driving improved margins and lowering development costs. The firm sees “idiosyncratic opportunities” for Shake Shack into 2024 to increase margins and potentially stimulate traffic. This could create upside to consensus 2024 expectations, the analyst tells investors in a research note.
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Read More on SHAK:
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