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Goldman Sachs analyst Jared Garber upgraded Shake Shack (SHAK) to Buy from Neutral with a price target of $109, up from $107.

The recent pullback in the shares presents a buying opportunity, Garber tells investors in a research note. The analyst says Shake Shack's long-term story "remains robust" despite near-term challenges due to the brand's primarily urban/tourism-based footprint. Shake Shack represents "one of the last true re-opening stories in the Restaurant Industry," says Garber.

He adds that the company's new white-label delivery feature may supplement its sales base.