BUZZ-Shake Shack up as Oppenheimer hikes PT on initiatives under new CEO

Reuters10-28 22:24

** Shares of burger chain Shake Shack up 3.6% at $114.43 in early trade

** Brokerage Oppenheimer raises PT to $135 from $122, says SHAK is among its restaurant "top picks"

** SHAK's new management possesses tools to drive mid-teens unit growth and could soon communicate a refreshed target vs. its legacy 450-unit goal - brokerage

** Initiatives under new CEO Rob Lynch, such as installing SHAK's innovation calendar, elevate throughput, increase marketing spend and benefits from loyalty launching, could help sales - Oppenheimer analyst Michael Tamas

** Stock touches highest level since April 2021

** Company set to report Q3 results on Oct. 30

** Nine of 24 brokerages rate the stock "buy" or higher, 14 "hold" and one "sell"; their median PT is $115

** YTD, stock up 53% including session's moves

(Reporting by Savyata Mishra in Bengaluru)

((Savyata.Mishra@thomsonreuters.com))

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