Freedom Capital initiated coverage of Shake Shack (SHAK) with a Buy rating and $120 price target Shake Shack is a truly differentiated brand in the better-burger category, offering multiple catalysts in place to continue the company’s comps and traffic momentum, the analyst tells investors in a research note. The firm adds that it sees significant expansion potential for Shake Shack, with the long-term potential for about 1,500 shack locations in North America vs. about 400 company-operated locations in North America as of Q3 of 2025.
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