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Shake Shack downgraded to Underperform from Neutral at BofA

BofA analyst Sara Senatore downgraded Shake Shack (SHAK) to Underperform from Neutral with a price target of $86, down from $148. While stating that Shake Shack has done an “impressive job of systematizing its approach to innovation,” the firm sees margin pressure from competition and inflation at a time when the labor market is softening, and consumers’ restaurant spending has come under pressure.

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