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Shake Shack initiated with a Sector Weight at KeyBanc

KeyBanc initiated coverage of Shake Shack (SHAK) with a Sector Weight rating and no price target The firm views Shake Shack as one of the premier better burger concepts in the restaurant industry. However, with the stock up 45% in the last month, KeyBanc sees the shares as close to fair value and prefers to wait for a pullback before recommending.

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