Shake Shack price target lowered to $60 from $62 at Stifel

Stifel analyst Chris O’Cull lowered the firm’s price target on Shake Shack to $60 from $62 and keeps a Hold rating on the shares after the firm updated its model following the company’s Q3 earnings report. While “encouraged” by the company’s progress in managing labor costs and believing that the focus will be on retaining those benefits and further refining the labor model while pursuing several supply chain initiatives, he potential magnitude of these efficiencies “remains difficult to quantify,” the analyst tells investors.