Shake Shack price target lowered to $160 from $165 at Raymond James

Raymond James lowered the firm’s price target on Shake Shack (SHAK) to $160 from $165 and keeps a Strong Buy rating on the shares. The firm views the nearly 15% decline on Thursday as an overreaction but is an attractive entry point. While Q2 and quarter to date comps were slightly below expectations, the firm is encouraged by 3%+ comp growth in recent months against what appears to be a softer limited service backdrop and is optimistic that comps could strengthen in 2H supported by incremental advertising and more significant menu innovation post-Labor Day, the analyst tells investors in a research note.