Shake Shack price target raised to $82 from $67 at Baird

Baird analyst David Tarantino raised the firm’s price target on Shake Shack to $82 from $67 and keeps a Neutral rating on the shares. The firm previewed the quarter and expects Q4 comps and EBITDA to reach/exceed estimates, and while they are somewhat concerned about the near-term comps outlook, they remain cautiously optimistic that ongoing margin improvement initiatives can lead to healthy 2024 EBITDA growth.