Burger chain Shake Shack reported revenue and earnings that topped Wall Street's estimates in its first quarterly report as a public company Wednesday, but warned a key industry metric would slow.
When the company reported Wednesday after the bell, it was not immediately clear how the company's loss compared to estimates.
Shares revered earlier losses to last trade higher on Thursday. (Get the latest Shake Shack quote here.)
Following the report, JPMorgan analysts wrote "results nicely ahead of expectations, but shares remain expensive." Jefferies analysts wrote they remain on the sidelines with Shack's "valuation at an all-time restaurant record high at ~ 100x 16 EV/EBITDA."
Analysts' mean target of $37 reflects bearishness on the fast-casual chain's stock. After the dip, shares were last trading at $45.40.