Goldman comforted by Shake Shack presentation, sees 80% share upside

Goldman Sachs analyst Katherine Fogert walked away from Shake Shack's (SHAK) ICR conference presentation yesterday with "more comfort" around the potential for menu innovation to drive better than expected comps in 2020. The company spoke of the return of the Hot Chicken Sandwich, and new hot chicken nuggets, as well as vegetarian burgers, the analyst points out. Further, management's commentary around the GrubHub (GRUB) migration was positive, with details suggesting the disruption could be more manageable than feared, Fogert tells investors in a research note. The analyst sees 80% upside to her unchanged 12-month price target of $115 and reiterates a Buy rating on shares of Shake Shack.