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No one on Wall Street likes Shake Shack

Traders work on the floor of the New York Stock Exchange on January 30, 2015, the day of the Shake Shack IPO.
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Traders work on the floor of the New York Stock Exchange on January 30, 2015, the day of the Shake Shack IPO.

Shake Shack has lost the typically uber-bullish crowd that is Wall Street analysts, and it just got worse Tuesday.

"Any way you stack it ... SHAK is expensive," Morgan Stanley's John Glass wrote in a report in which he downgraded the burger chain and hot 2015 IPO to "underweight."

He's the first analyst to recommend selling the stock, but Shake Shack doesn't get much support elsewhere as the six other analysts that cover it call the shares a "hold," the Street's wink-and-a-nod version of a sell rating.

The average 12-month price target for the stock is $43.50, representing a 26 percent drop from Monday's close of $59 a share.