Shake Shack price target raised to $110 from $97 at Stifel

Stifel analyst Chris O’Cull raised the firm’s price target on Shake Shack (SHAK) to $110 from $97 and keeps a Hold rating on the shares. The company reported softer-than-expected Q2 comps, but delivered another strong margin performance that drove an EBITDA beat, the analyst tells investors in a research note. The firm added that it anticipates marketing investment to have a positive impact, though it believes the core question is what level of marketing/promotional spend is necessary tot drive sustainable traffic growth. Stifel remains Hold pending a clearer understanding of that dynamic.