Truist raised the firm’s price target on Shake Shack to $115 from $112 and keeps a Buy rating on the shares as part of a broader research note on Restaurants. The firm’s automated and manual web scrapes suggest that the company is in line with estimates for Q1 store openings, the analyst tells investors in a research note. Truist further notes that macro risks are partially offset by operating cost initiatives that are in the early stages as a factor in boosting its price target for the stock.
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