Shake Shack shares just hit a 7-month high ahead of earnings (SHAK) | Markets Insider

's same-store-sales growth easily topped analysts' expectations for the first quarter, sending shares up 6% in after-hours trading on Thursday.

The burger chain hiked its revenue outlook for the fiscal year ending December 25 to a range of $576 million to $582 million, up from $570 million to $576 million.Revenue:$0.13 versus $0.13 expected.Shake Shack set several location milestones during the quarter, opening its first location in Providence, Rhode Island, and its first on mainland China.

Shares of the New York-based burger chain, which hit a seven-month high on Thursday and have soared 37% this year, have seen their valuation become incredibly rich, trading at nearly 103 times forward earnings. That has prevented some analysts from recommending the stock. "Shake Shack is a big brand with even bigger potential, but a small company," JPMorgan analysts led by John Ivankoe told clients last month."We believe the company's target for 450 company-operated units in the US will be handily exceeded and a 600-800+ goal is achievable." The analysts carry a $51 price target, implying a 19% drop from current levels.

it expected same-store sales growth of between 0% and 1% for fiscal year 2019. That forecast took into consideration about menu price increases of about 1.5% that went into effect last December.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

S&P 500 reaches all-time high, but gains limited ahead of big earningsIt was a record day on Wall St., with the S&P 500 and Nasdaq gaining 0.11% and 0.19% respectively to hit new records. Financials, communications services and industrials out performed, while real estate, utilities and consumer discretionary lagged. The stock market was higher at the beginning of 2018. We are barely even with where we were about a year ago. Just on the face of it. Nasdaq went up by one tenth of one percent. And we are supposed to be impressed? ClosingBell Should be at about 28,000 to be in line
Source: CNBC - 🏆 12. / 72 Read more »

Square's earnings expectations have gotten slashed, but the mobile-payments company still has a high bar to clear (SQ) | Markets Insider
Source: BusinessInsider - 🏆 729. / 51 Read more »