Shake Shack price target raised to $91 from $73 at TD Cowen

TD Cowen raised the firm’s price target on Shake Shack to $91 from $73 and keeps a Market Perform rating on the shares after its Q4 results. The firm is “pleased” with the company’s growing traffic without degrading margins or the brand, the analyst tells investors in a research note. TD Cowen adds that the faster than expected improvement in Q4 and Q1 thus far reflects resonating efforts with advertising/value, including Free Fries Friday and BOGO shakes from 2-5 PM, offered through Shake Shack’s app or in-store at a kiosk.