SunTrust analyst Jake Bartlett lowered his price target on Shake Shack to $82 after its presentation at the ICR Conference last week, reflecting the company not achieving the high end of its initial company-owned development projections for the 2nd consecutive year after beating that guidance in 2015-2017. The analyst also cites the expensive remodel and the temporary closure of Shake Shak's Upper West Side location in New York. Bartlett still keeps his Buy rating on the stock given the company's "very strong concept" of offering "quality food and service for a reasonable price."