Truist analyst Jake Bartlett says the firm’s analysis of Shake Shack’s third party delivery pricing suggests that delivery menu prices were increased by about 5% this week, which the firm sees leading to about a 1% increase in total menu prices. While the delivery menu price increase is “not a total surprise,” the firm believes the timing close to the start of the year is an incremental positive and reflects a focus on rebuilding restaurant-level margins. Truist maintains a Buy rating and $87 price target on Shake Shack shares.
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