10:33 AM EDT, 08/01/2025 (MT Newswires) -- Shake Shack's ( SHAK ) updated 2025 earnings before interest, taxes, depreciation, and amortization guidance appears to be "conservative" as it does not account for the benefits from new advertising investments, Oppenheimer said in a Friday note.

Oppenheimer said that Shake Shack's ( SHAK ) stock drop on Thursday was an "over-reaction" and added it would recommend buying the pullback on the stock. On Thursday, Shake Shack ( SHAK ) reported Q2 earnings and revenue that beat analyst estimates.

Oppenheimer raised its estimates through 2026 on Shake Shack ( SHAK ) and said its estimates are above Wall Street expectations.

The firm reiterated its outperform rating with a $160 price target.

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