JPMorgan analyst Rahul Krotthapalli upgraded Shake Shack (SHAK) to Neutral from Underweight with a price target of $90, down from $95, after speaking with management. The firm cites valuation for the upgrade following the stock’s recent pullback. Shake Shack has been evolving from an “enlightened hospitality” focused fine casual concept to more efficiently operated, the analyst tells investors in a research note. JPMorgan says the company is free cash flow positive.
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