Shake Shack price target raised to $97 from $89 at BofA

BofA raised the firm’s price target on Shake Shack (SHAK) to $97 from $89 and keeps a Neutral rating on the shares. As with McDonald’s (MCD), the firm believes Shake Shack’s Q1 same-store sales growth of 0.2% was closer to market expectations, despite missing consensus and the 2.5%-3.5% comp guidance initiated in late February, the analyst tells investors. Following the report, the firm lowered its Q2 same-store sales growth estimate to 1.5%, in-line with the company’s Q2 guidance, and notes its FY25 EBITDA forecast is higher at $218.7M, versus $213.0M previously and FY25 guidance of $205M-$215M.