TD Cowen upgraded Shake Shack to Outperform from Market Perform with a price target of $125, up from $91. The analyst expects multi-year positive adjusted EBITDA revisions for the company, driven by upside to restaurant level margins through 2026. Concurrently, a new CEO “ushers in a narrative change” and presents opportunities to help improve traffic as Shake Shack “leans into its scale to embrace the next phase of the business curve,” the analyst tells investors in a research note. TD designated the shares as its top smid-cap and number two overall pick in the sector.
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