.August 19, 2024 Monday 05:15:00 PM

Shake Shack (NYSE:SHAK) shares dropped over 2% after Piper Sandler analysts downgraded the company to Neutral with a price target of $114.00 due to a more cautious outlook on the Fast Casual sub-sector post earnings season. The analysts praised Shake Shack’s progress but expressed concerns about future menu pricing challenges. They believe the risk-reward profile for SHAK is now more balanced and anticipate limited upside in the share price for the rest of the year.