Loop Capital raised the firm’s price target on Shake Shack to $71 from $60 but keeps a Hold rating on the shares. The company’s comps missed but earnings beat and the firm has raised its FY23 EPS view to 26c from 4c and its FY24 view to 36c from 27c, the analyst tells investors in a research note. Shake Shack remains one of the most attractive store-level return and unit growth stories within the publicly traded restaurant sector, though its margins will likely remained constrained by inflation and higher spending at least in the near-term, the firm adds.
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