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Shake Shack  (SHAK) shares were up nearly 2% in morning trading Wednesday after analysts at Piper Jaffray initiated coverage of the restaurant chain with an "overweight" rating and $44 price target. 

The price target represents a potential 19% upside from the stock's previous closing price of $37.03. 

The company has enjoyed 20%+ year over year revenue growth as well as 20%+ unit growth and low single digit same store sales growth. 

Analyst firm Wedbush upgraded Shake Shack earlier this week to "outperform" from "neuteral" due to realistic same store sales growth expectations. 

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