Shake Shack (NYSE:SHAK) shares fell more than 2% on Monday after Piper Sandler analysts downgraded the company from Overweight to Neutral with a price target of $114.00, citing a more cautious outlook on the Fast Casual sub-sector following earnings season.

While the analysts praised Shake Shack's progress over the past 18 months and acknowledged the company’s long-term growth potential, they expressed concerns over future menu pricing challenges. The analysts noted that the risk-reward profile for SHAK has become more balanced at current levels, and anticipate that further upside in the share price may be harder to achieve for the remainder of the year.