Shake Shack price target raised to $124 from $115 at Truist

Truist analyst Jake Bartlett raised the firm’s price target on Shake Shack to $124 from $115 and keeps a Buy rating on the shares after its Q1 earnings beat. Shake Shack’s traffic has held up well despite industry-wide pressures driven by throughput, marketing and ‘return to office’ trends, which are expected to continue, the analyst tells investors in a research note.