Shake Shack price target raised to $135 from $122 at Oppenheimer

Oppenheimer raised the firm’s price target on Shake Shack (SHAK) to $135 from $122 and keeps an Outperform rating on the shares. The firm now elevates Shake Shack into its restaurant “top picks.” Despite its +97% run over last 12 months, valuation still screens highly attractive relative to growth peers, particularly if Oppenheimer’s earnings revision thesis unfolds, the firm says. Oppenheimer believes new management can quickly have a meaningful financial impact into 2025 with strategic initiatives that can position sales, margins, and EBITDA for upside vs. Street’s subdued forecasts.