Shake Shack price target raised to $112 from $90 at Truist

Truist raised the firm’s price target on Shake Shack to $112 from $90 and keeps a Buy rating on the shares. The analyst cites the company’s Q4 adjusted EBITDA and comps beat, along with its stronger than expected FY24 guidance. The outlook for comps looks “solid” as traffic at Shake Shack has turned positive, and the company’s margin expansion story also remains in “very early stages”, the firm tells investors in a research note.