Shake Shack Gets Price Target Hikes By Analysts After Strong Q1 Results

Shake Shack Inc. SHAK reported better-than-expected Q1 financial results.

Shake Shack reported first-quarter FY23 sales growth of 24.5% year-on-year to $253.28 million, beating the consensus of $245.67 million. Adjusted pro forma EPS loss was $(0.01) for the quarter, beating the consensus of $(0.08).

Shake Shack shares jumped 16.6% to close at $61.57 on Thursday.

These analysts made changes to their price targets on Shake Shack following earnings announcement.

• TD Cowen raised the price target on Shake Shack from $58 to $67. TD Cowen analyst Andrew Charles maintained a Market Perform rating.
• Barclays increased the price target on Shake Shack from $51 to $64. Barclays analyst Jeffrey Bernstein maintained an Equal-Weight rating
• Baird boosted price target on Shake Shack from $56 to $62. Baird analyst David Tarantino maintained a Neutral rating on the stock.
• BTIG raised price target on Shake Shack from $65 to $75. BTIG analyst Peter Saleh maintained the stock with a Buy rating.
• Wedbush boosted Shake Shack price target from $56 to $59. Wedbush analyst Nick Setyan maintained the stock with a Neutral.

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