RBC Initiates Coverage of Shake Shack With Outperform Rating
The bank said shares of the fast-casual chain, down about 50% from their highs, are positioned for a turnaround.
RBC Capital Markets has initiated coverage of Shake Shack with an outperform rating, according to a report by CNBC.
The bank said it believes the fast-casual restaurant chain's stock, which has fallen roughly 50% from its highs, is at an inflection point, CNBC reported.
CNBC did not provide additional details in the excerpt regarding RBC's specific price target, financial projections, or the reasoning behind the analysis beyond the outperform rating and inflection point assessment.
Shake Shack has not yet issued a public response to the RBC coverage, according to available reporting.
Sources
- RBC says this fast casual stock down 50% from its highs is set to rise — CNBC — Top News
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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