Shake Shack's Ambitious Expansion and Strategic Initiatives Justify Buy RatingWe reiterate our Outperform rating on 20 times our 2026 estimate given healthy unit expansion, potential catalysts to comp growth in the form of increased ad spend, speed, and menu innovation alongside ongoing unit-level margin expansion. Longer term, we continue to view Shake Shack’s growth runway as one of the strongest and most proven among emerging restaurant brands. Risks include the potential for same-store sales volatility, geographic concentration inNew York City, commodity cost fluctuations, ongoing pressure from wage inflation, and operational strains associated with aggressive unit development plans.