Shake Shack price target lowered to $59 from $73 at Wedbush

Wedbush lowered the firm’s price target on Shake Shack to $59 from $73 and keeps a Neutral rating on the shares. The firm says that while some risk to Q3 expectations exists, it is more worried about Shake Shack’s Q4. Consensus estimates are above the high end of company’s full year revenue guidance, and Wedbush is concerned that some combination of a seasonal downtick in Q4, a consumer slowdown, and a more elongated opening timeline could result in Q4 revenue below current expectations, the analyst tells investors in a research note.