Shake Shack's Stable Outlook Amid Strategic Initiatives: Hold Rating MaintainedWe have more of a favorable bias here, with ongoing margin/operational opportunities well into the future, reasonably well understood. One probably also has to have conviction on comps running well ahead of 3%+ plan, because that would be essentially just price driven this year (we assume modest traffic, with some ongoing in-fill pressure here, offset by mix). Marketing, innovation, speed, labor improvements/stability all seem like very credible potential drivers, but some of that will be more visible in 26/27 based on work that is currently underway at the company and investment this year. L TO lapping, for example, partly explains the lower 1Q guide (2.5-3.5%) vs Jan (+3.7%) as the innovation pipeline is rebuilt under new mgmt.