Shake Shack Tumbles on Downgrade to Neutral From Buy at Longbow

Shake Shack (SHAK) - Get Report was downgraded Wednesday to neutral from buy at Longbow Research on valuation concerns.

Analyst Alton Stump, however, remained "positive on comp outlook, longer-term unit expansion and new store productivity." 

In the past three months, analysts have trimmed 0.6% off their consensus target price, according to Bloomberg.

The stock has an average hold rating and $52.44 price target on FactSet.

Shares were down 2.5% to $58.03 on Wednesday.

Longbow has rated Shake Shack buy twice, neutral twice and underperform once in the past four years and two months, according to Bloomberg. Shares rose an average 41% in the periods rated buy, fell an average 30% in the periods rated neutral, and rose 58% in the period rated underperform, Bloomberg said.

The company reports earnings on May 2.