Shake Shack price target raised to $147 from $144 at Truist

Truist raised the firm’s price target on Shake Shack (SHAK) to $147 from $144 and keeps a Buy rating on the shares. The firm’s analysis of the company’s FY24 company-operated new store class gives Truist “increased confidence” in its near and long-term development opportunity, given an expected store opening beat, rapid openings in California in the wake of the Q3 closures, and strong new store volumes despite a “temporary” pullback in drive-thru development, the analyst tells investors in a research note.