Jefferies downgraded Shake Shack (SHAK) to Underperform from Hold with a price target of $120, up from $100. The firm says investor optimism around the company’s near-term same-store-sales recovery is more than reflected in the stock following the recent rally. While Shake Shack has tangible drivers, including menu innovation, that bring growth visibility, the promotional environment, high expectatoins and the stock’s valuation warrant the downgrade, the analyst tells investors in a research note.
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