Tiger Brokers

BUZZ-Shake Shack rises after BofA upgrades stock to 'neutral' rating

Reuters
Mar 31
BUZZ-<a href="https://laohu8.com/S/SHAK">Shake Shack</a> rises after BofA upgrades stock to 'neutral' rating

** Shares of fast food chain operator Shake Shack SHAK.N up 3.6% at $86.51

** BofA Global Research upgrades SHAK to "neutral" from "underperform"; raises price objective to $101 from $88, representing over 20% upside to the stock's last close

** Brokerage notes menu innovation including Dubai shake and Korean menu as well as supply chain savings to mitigate inflation risks

** "Our Neutral rating is based on our view that the operating backdrop will remain challenging... but SHAK's offsetting initiatives should help sustain in-line SSSG (Same‑Shack Sales Growth) and earnings growth," BofA analysts said in a note

** 16 of 29 brokerages rate the stock "buy" or higher, and rest rate it "hold"; their median PT is $114 - data compiled by LSEG

** Including session moves, SHAK stock up nearly 8% YTD

(Reporting by Kanchana Chakravarty in Bengaluru)

((Kanchana.Chakravarty@thomsonreuters.com;))

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