Wedbush analyst Nick Setyan upgraded Shake Shack (SHAK) to Outperform and raised his price target for the shares to $43 from $33.

The burger chain closed yesterday up 52c to $36.65. The valuation at current share levels is attractive given Shake Shack's "industry-leading growth trajectory," Setyan tells investors in a research note.

The analyst sees upside potential to current EBITDA estimates from new unit outperformance, margin leverage and same-store-sales growth.