Shake Shack Analysts Raise Their Forecasts Following Q2 Earnings

Shake Shack Inc SHAK reported upbeat earnings for its second quarter.

Shake Shack reported second-quarter FY23 sales growth of 17.8% year-on-year to $271.80 million, missing the analyst consensus of $274.40 million. Adjusted pro forma EPS was $0.18 for the quarter, beating the consensus of $0.09.

Shake Shack shares fell 0.5% to close at $74.67 on Thursday, but added 1.2% in pre-market trading.

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

• TD Cowen raised the price target on Shake Shack from $75 to $78. TD Cowen analyst Andrew Charles maintained a Market Perform rating.
• Barclays increased the price target on Shake Shack from $64 to $72. Barclays analyst Jeffrey Bernstein maintained an Equal-Weight rating.
• Raymond James analyst Brian Vaccaro upgraded Shake Shack from Market Perform to Outperform and announced an $87 price target.

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