Analyst Peter Saleh trimmed his estimates for same-store sales, a key metric used by retailers and restaurants, for Starbucks , Chipotle and Shake Shack .
He now sees Shake Shack's same-store sales rising just 2.9% in 2024, down from a previous estimate of 4.4%.
"We see a greater impact on operators serving higher-income, more educated customer bases ... leading us to trim our same-store sales and EPS estimates."
A separate BTIG survey found that Starbucks, Chipotle and Shake Shack are three restaurants with the greatest exposure to these borrowers.
Shares of Chipotle and Shake Shack have outperformed the broader market this year, rallying 41% and 60%, respectively.
Persons:
BTIG, Peter Saleh, Saleh, CMG, Michael Bloom
Organizations:
Starbucks, Chipotle