Shake Shack price target lowered to $146 from $156 at Truist

Truist lowered the firm’s price target on Shake Shack (SHAK) to $146 from $156 but keeps a Buy rating on the shares after its Q3 results. Shake Shack has a compelling SSS, margin expansion and accelerating development story, despite trading near its all-time low multiple, the analyst tells investors in a research note. The company is relying on increased marketing to support traffic in a challenging environment, but it is proving effective, the firm added.