Shake Shack price target raised to $134 from $112 at BofA

BofA raised the firm’s price target on Shake Shack (SHAK) to $134 from $112 and keeps a Neutral rating on the shares. While the firm credits Shake Shack with the rapid adoption of industry best practice across menu innovation, supply chain and labor, it is concerned about competition constraining new unit volumes and transaction growth, says the analyst, who cites a higher store count potential than previously estimated for the firm’s price target increase.