Shake Shack price target lowered to $102 from $126 at Piper Sandler

Piper Sandler lowered the firm’s price target on Shake Shack (SHAK) to $102 from $126 and keeps a Neutral rating on the shares following quarterly results. For the Q3 2025 time period, company owned same-store sales of +4.9% were comfortably above consensus as were RLMs of 22.8%, resulting in an adjusted EBITDA beat, the firm says. While this was good to see, quarter-to-date same-store sales are currently running +1.3%, and with 3 pts of menu price, this would suggest that the durability of the “traffic + mix” growth is proving to be elusive, Piper adds.