Morgan Stanley upgraded Shake Shack (SHAK) to Overweight from Equal Weight with a price target of $125, up from $115. The firm adjusted ratings in the restaurants and foodservice distributors group as part of its 2026 outlook. The analyst sees attractive longer term growth in fast casual and beverage. Morgan Stanley has fewer structural concerns as estimates and multiples for these names have been “reset appropriately,” the analyst tells investors in a research note. The firm skews “relatively cautious” on franchised fast food.
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