Goldman Sachs Starts Shake Shack (SHAK) at Buy

Goldman Sachs analyst Christine Cho initiates coverage on Shake Shack (NYSE: SHAK) with a Buy rating and a price target of $110.00.

The analyst comments "We appreciate management's clear layout of its strategic priorities that includes 1) delivering a consistent guest experience, 2) growing the top-line and brand awareness with plans to double advertising spend this year, 3) continued margin recovery, 4) improving new store returns with a 10% reduction in new-build cost, and 5) developing and rewarding teams. The company is moving to the next phase of growth with new CEO Rob Lynch joining from May 20, and we believe the company has scope to push towards c.650 domestic company-owned stores by 2030E (from 300 currently) and potentially above 1-1.3k in the long run."

For an analyst ratings summary and ratings history on Shake Shack click here. For more ratings news on Shake Shack click here.

Shares of Shake Shack closed at $92.74 yesterday.

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