Truist cuts Shake Shack price target to $143, sees decline as buying opportunity

Truist analyst Jake Bartlett lowered the firm’s price target on Shake Shack (SHAK) to $143 from $149 but keeps a Buy rating on the shares and believes that the “sharp” decline in the stock price following the company’s Q4 pre-announcement and long-term margin guidance presents a buying opportunity. Shake Shack’s Q4 comps are seen as solid in Q4, with marketing and throughput drivers still ahead and new unit development seen as strong, the analyst tells investors in a research note.