Barclays analyst Jeffrey Bernstein lowered the firm’s price target on Shake Shack (SHAK) to $115 from $160 and keeps an Overweight rating on the shares as part of a Q3 preview for the restaurant group. Comparable sales were “choppy” in the quarter, slowing in September despite an uptick in value offers, with fast casual most impacted, the analyst tells investors in a research note. The firm adds that food inflation spiked for select items, with some restaurants reverting to price despite ongoing traffic weakness.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SHAK:
- Shake Shack price target lowered to $115 from $126 at Morgan Stanley
- Casual Dining Stocks: Feeling Down in the Mouth as Festive Economy Freezes
- Shake Shack price target lowered to $100 from $125 at Wells Fargo
- Shake Shack upgraded to Hold from Underperform at Jefferies
- Buy/Sell: Wall Street’s top 10 stock calls this week