Morgan Stanley raised the firm’s price target on Shake Shack (SHAK) to $137 from $134 and keeps an Equal Weight rating on the shares after the company reported quarterly results. While Q1 wasn’t guided above consensus estimates, recent comps trends were better than feared, and above the annual guidance despite weather impact, the analyst tells investors in a research note. The firm added that consumer commentary was relatively consistent, given Shake Shack’s higher end exposure, which is a relative positive.
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