As the ICR Conference continues, restaurant chain Shake Shack (NYSE: SHAK) offered a presentation describing the company’s preliminary fourth-quarter and full-year results, and its outlook. The presentation at the investment conference prompted several notable analytical firms, including Loop Capital, Oppenheimer, and Piper Sandler, to boost their price targets on the stock.
According to the presentation, estimated total revenue is $158 million for the fourth quarter and $523 million for fiscal year 2020. “Same-Shack” sales (its term for comps) are down 17.4% year over year for the quarter, better than a 31.7% year-over-year plunge for the third quarter of 2020. Average weekly sales show a steady upward trend from April 2020’s lows.