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Buy Shake Shack on the plunge, says SunTrust

A worker takes a pager from a customer at a Shake Shack restaurant in Bridgewater, New Jersey.
Ron Antonelli | Bloomberg | Getty Images

Investors should buy Shake Shack shares on any dip due to the restaurant chain's faster store expansion plans, according to SunTrust Robinson Humphrey, which raised its rating on the company to buy from neutral.

Shake Shack on Wednesday reported weaker-than-expected second quarter comparable sales growth of 4.5 percent versus the 4.9 percent StreetAccount consensus. The burger chain's shares traded as much as 8 percent lower in off-hours trading after the results.

"We view SHAK's 2Q16 SSS miss ... as a buying opportunity, given SHAK's strengthening unit growth profile," analyst Jake Bartlett wrote in a note to clients Thursday.

"SHAK missed 2Q SSS ests due to difficult compares and, in our view, is largely immune to the current industry slowdown given its differentiation."