Shares of burger joint Shake Shack (SHAK) - Get Report were up nearly 6% Thursday after the company was the subject of a bullish note from SunTrust analysts who believe that a coming limited time offer will be beneficial to the company's bottom line.
The firm maintained its buy rating on the stock while raising its price target to $102 from $86.
The stock rose 5.68% to $94.53 on Thursday. The price target represents a potential upside of 14% from the stock's closing price Wednesday of $89.45.
SunTrust analysts visited the company's Innovation Kitchen in New York where they tried a new "delicious" BLT sandwich that the company plans to offer soon. SunTrust believes that this will be a limited time offering, a type of promotion that industry analysts believe will be a key growth driver in 2020.
Shake Shack has reported a lull in limited time offerings since it launched its Chick'n Bites in January.
"Management explained that the decrease has to do with continued iterations of the Chick'n Bites as Shake Shack contemplates adding it to the permanent menu, as well as a pause in menu complexity as Shake Shack adds new digital sales channels (mobile orders and delivery)," the firm said.