Shake Shack initiated with an Outperform at Wolfe Research

Wolfe Research initiated coverage of Shake Shack (SHAK) with an Outperform rating and $118 price target Comps should get a lift from “low-hanging fruit” in the near-term, while ex-urban markets are working despite skepticism, says the analyst, who calls this “a signal that’s been difficult to see through the NYC noise.”