NEW YORK (TheStreet) -- Shares of Shake Shack (SHAK) are higher by 11.18% to $76 at the start of trading on Thursday morning, following the release of the burger restaurant chain's better than expected 2015 second quarter earnings results.
Analysts at Jefferies raised their price target on Shake Shack to $60 from $40 and maintained their "hold" rating on the company, after the company's earnings.
"Strong first quarter beats across the board at SHAK shows power of the brand," Jefferies said in an analyst note, adding that Shake Shack is "one of the better growth stories in [the] industry."
Shake Shack said it earned 4 cents per share for the most recent quarter versus the 3 cents per share analysts had forecast. Revenue was $37.8 million, exceeding the $33.95 million analysts were expecting for the period.