Shake Shack Framtida tillväxt
Future kriterier kontrolleras 3/6
Shake Shack förväntas öka intäkter och intäkter med 19.9% respektive 12.2% per år. EPS förväntas tillväxt med 19.4% per år. Avkastningen på eget kapital förväntas bli 14% om 3 år.
Viktig information
19.9%
Tillväxttakt i vinsten
19.45%
Tillväxttakt för EPS
| Hospitality vinsttillväxt | 18.0% |
| Intäkternas tillväxttakt | 12.2% |
| Framtida avkastning på eget kapital | 14.04% |
| Bevakning av analytiker | Good |
| Senast uppdaterad | 04 May 2026 |
Senaste uppdateringarna om framtida tillväxt
Recent updates
Seeking Alpha • 2h
Shake Shack: When Valuation Met Reality, But Risks Are Repriced
Summary Shake Shack Inc. remains resilient, sustaining double-digit revenue growth despite inflation and cost pressures in Q1 2026. SHAK's restaurant-level profit rose 17% YoY, with margins improving to 21.2%, even as operating margin turned negative. Valuation is now attractive; SHAK trades at a P/S of 1.79x and P/B of 5.35x, well below historical averages. I reiterate my Buy rating for SHAK stock, viewing the 30% post-earnings price drop as a new entry opportunity given robust liquidity and ongoing expansion. Read the full article on Seeking Alpha
Analysuppdatering • May 01
SHAK: Project Catalyst And Digital Initiatives Will Support Same Store Sales Momentum
Analysts have nudged their fair value estimate for Shake Shack slightly lower to about $141.91, even as supportive research highlighting an extended growth runway, improving same store sales drivers and fine tuning of discount rate, revenue growth, profit margin and future P/E assumptions has led to a series of price target raises across the Street. Analyst Commentary Recent Street research on Shake Shack is skewed toward a constructive view, with several bullish analysts lifting price targets and initiating coverage with positive ratings.Analysuppdatering • Apr 16
SHAK: Project Catalyst And Loyalty Rollout Will Support Margin Upside
Analysts have nudged the fair value estimate for Shake Shack higher from $140.00 to about $142.47, citing updated expectations for revenue growth, profit margins, and a lower future P/E multiple, supported by a wave of recent price target hikes and upgrades across the Street. Analyst Commentary Recent research updates show a clear tilt toward more constructive views on Shake Shack, with several bullish analysts lifting price targets and initiating coverage at premium levels.
Analysuppdatering • Apr 02
SHAK: 2026 Same Store Sales Expectations Will Test Rich Forward P E Multiple
Analysts have increased their Shake Shack fair value estimate from $88.00 to $95.00, citing Street research that highlights stronger same-store sales drivers, incremental margin progress, and support for a higher forward P/E multiple. Analyst Commentary Recent Street research on Shake Shack reflects a mix of optimism on same-store sales momentum and unit growth, alongside some more conservative views around valuation and execution risk.Analysuppdatering • Mar 19
SHAK: Early 2026 Menu And Digital Catalysts Will Support Margin Upside
Analysts have nudged the Shake Shack fair value estimate down from $145.28 to $140.00, reflecting slightly softer revenue growth assumptions, better margin expectations, and a more moderate future P/E. This view is supported by recent research highlighting menu initiatives, digital engagement, and early 2026 catalysts as key drivers for the updated price targets across the Street.Analysuppdatering • Mar 05
SHAK: Elevated 2026 Same Store Sales Hurdle Will Pressure Rich P E
Narrative Update: Shake Shack We have raised our Shake Shack fair value estimate to $88 from $85, reflecting analysts' higher price targets and their focus on same store sales momentum, margin progress, and early 2026 catalysts highlighted in recent research. Analyst Commentary Across recent research, analysts have been updating their views on Shake Shack following Q4 results, Q1 commentary, and 2026 guidance.
Analysuppdatering • Feb 19
SHAK: Early 2026 Catalyst Path Will Drive Long Term Earnings Upside
Narrative Update on Shake Shack The analyst price target for Shake Shack has been trimmed by about $3.50 per share, as analysts balance expectations for slightly stronger revenue growth against more conservative profit margin and valuation assumptions. These are reflected in a higher future P/E and recent target resets from firms across the Street.Analysuppdatering • Feb 04
SHAK: Elevated 2026 Expectations Will Pressure Shares Despite Sector Headwinds
Analysts have modestly reduced their average Shake Shack price targets to a range around US$105 to US$110, citing expectations for comparable sales into 2026 and a strong overall growth outlook, even as they factor in sector wide sales challenges and a higher assumed future P/E of about 51x in their updated models. Analyst Commentary Recent research updates on Shake Shack point to a split view.Analysuppdatering • Jan 21
SHAK: Future Margin Upside Expected From 2026 Catalysts And Tariff Relief
Narrative Update: Shake Shack The analyst price target for Shake Shack has been trimmed from about US$150 to roughly US$145, as analysts factor in slightly softer revenue growth and profit margin assumptions. They are still using a higher forward P/E and are pointing to 2026 same store sales and early year catalysts as key support for the updated view.Analysuppdatering • Jan 06
SHAK: Reset Expectations And 2026 Catalysts Will Shape Risk Reward Balance
Analysts have reset their price target framework for Shake Shack, trimming the fair value estimate from $110 to $85. They highlighted a mix of higher modeled revenue growth, slightly lower profit margins, a reduced future P/E, and a modestly higher discount rate that reflects recent research calling out early 2026 catalysts, traffic support from marketing, and more balanced risk/reward after the stock's selloff.Analysuppdatering • Dec 17
SHAK: Future Margin Upside Expected From Potential Tariff Cuts On Key Inputs
Analysts have trimmed their Shake Shack price target to $150 from $162, reflecting a modestly higher discount rate and softer long term margin and valuation assumptions. They also acknowledge still solid revenue growth prospects and a reset, more balanced risk reward backdrop following recent sector wide demand softness.Analysuppdatering • Dec 03
SHAK: Margin Expansion And Development Pipeline Will Drive Long Term Earnings Upside
Analysts have modestly lowered their price target on Shake Shack, reflecting concerns about softer near term demand and traffic in a challenging environment, even as they highlight the company’s compelling same store sales trajectory, margin expansion, and development pipeline. Analyst Commentary Recent research notes reflect a mixed but constructive stance on Shake Shack, with modestly reduced price targets alongside acknowledgement of a healthier long term growth profile and improved risk reward following the recent share price pullback.Analysuppdatering • Nov 19
SHAK: Margin Expansion Will Drive Earnings Upside Amid Sector Uncertainty
Shake Shack's analyst price target was modestly raised to $114.36, as analysts note gradual improvements in revenue growth, profit margin, and a balanced risk/reward outlook despite ongoing near-term challenges in the fast casual dining space. Analyst Commentary Recent analyst updates present a nuanced view on Shake Shack's outlook, with both encouraging developments and notable headwinds shaping sentiment on the stock.Analysuppdatering • Nov 01
SHAK: Demand Reset And Global Expansion Will Drive Renewed Investor Optimism
Analysts have revised Shake Shack's price target downward from approximately $125 to $114, citing a noticeable slowdown in demand during September and a more balanced risk/reward outlook after softer performance in the fast casual and quick service segments. Analyst Commentary Recent analyst reports on Shake Shack reflect a nuanced perspective on the company's short-term outlook, with opinions split between cautious optimism and ongoing concerns over sales performance and sector trends.Analysuppdatering • Oct 17
Menu Revamp And Urban Expansion Will Redefine Fast Casual Dining
Shake Shack's average analyst price target has been modestly reduced, with analysts now valuing shares at approximately $125, down from about $132. Analysts cite a reset in expectations following recent margin performance and a more balanced risk/reward outlook in light of mixed same-store sales results.Analysuppdatering • Oct 03
Menu Revamp And Urban Expansion Will Redefine Fast Casual Dining
Analysts have slightly lowered their fair value price target for Shake Shack by $3. They cited modest Q2 comparable sales along with strong margin and earnings performance as factors behind the revision.Analysartikel • Aug 02
Is Shake Shack Inc. (NYSE:SHAK) Potentially Undervalued?
Shake Shack Inc. ( NYSE:SHAK ), might not be a large cap stock, but it led the NYSE gainers with a relatively large...Analysartikel • Jul 12
Shake Shack (NYSE:SHAK) Has A Rock Solid Balance Sheet
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analysartikel • May 08
Some Investors May Be Willing To Look Past Shake Shack's (NYSE:SHAK) Soft Earnings
Shake Shack Inc.'s ( NYSE:SHAK ) stock was strong despite it releasing a soft earnings report last week. We think that...Analysartikel • Apr 25
Revenues Not Telling The Story For Shake Shack Inc. (NYSE:SHAK)
Shake Shack Inc.'s ( NYSE:SHAK ) price-to-sales (or "P/S") ratio of 2.9x may not look like an appealing investment...Analysartikel • Apr 04
These 4 Measures Indicate That Shake Shack (NYSE:SHAK) Is Using Debt Reasonably Well
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Seeking Alpha • Apr 01
Shake Shack: Finally, The Drop I Was Waiting For
Summary Shake Shack's stock has dropped 33% YTD due to tariff concerns, presenting a buying opportunity with a 20% margin of safety. Despite macroeconomic challenges, Shake Shack's strong unit growth, improving margins, and compelling valuation suggest a favorable risk-reward ratio. The stock is trading at a discount compared to fast-casual peers, with potential upside of approximately 25% and Wall Street targets indicating even greater potential. I change my rating to 'Buy' with a price target of $110, seeing the current levels as an attractive entry point. Read the full article on Seeking AlphaAnalysartikel • Mar 14
Shake Shack (NYSE:SHAK) Might Be Having Difficulty Using Its Capital Effectively
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...Seeking Alpha • Feb 20
Shake Shack: Not Shaken By Higher Restaurant Prices
Summary Shake Shack capitalizes on liquidity after expanding its footprint with 43 new restaurants, driving strong revenue growth. Inflation narrows price gaps between QSRs and fast-casual dining, enhancing Shake Shack's value proposition and boosting consumer demand for its premium offerings. With stable cash levels and manageable debt, Shake Shack is well-positioned to sustain growth and finance expansion, targeting 1,500 company-operated restaurants. Technical indicators and valuation models suggest Shake Shack is undervalued, presenting a decent upside potential; I recommend this stock as a buy. Read the full article on Seeking AlphaAnalysartikel • Feb 17
Should You Be Adding Shake Shack (NYSE:SHAK) To Your Watchlist Today?
It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...Seeking Alpha • Jan 24
Shake Shack: Bigger Bites, Bigger Challenges
Summary Shake Shack aims to expand to 1,500 locations but faces challenges in cost-effectiveness, suburban market penetration, and maintaining its premium brand identity. SHAK reported strong growth in FY 2024 but expects a slight slowdown in FY 2025, with same-store sales growth projected at 3%. Despite a recent stock price drop, Shake Shack remains overvalued by 10%, leading to a 'Hold' rating with a price target of $110. Institutional investors hold 45.41% of shares, providing stability; a potential buying opportunity may arise if the stock price dips to the $100 zone. Read the full article on Seeking AlphaAnalysartikel • Jan 07
A Look At The Fair Value Of Shake Shack Inc. (NYSE:SHAK)
Key Insights Using the 2 Stage Free Cash Flow to Equity, Shake Shack fair value estimate is US$112 With US$132 share...Analysartikel • Dec 25
Pinning Down Shake Shack Inc.'s (NYSE:SHAK) P/S Is Difficult Right Now
When close to half the companies in the Hospitality industry in the United States have price-to-sales ratios (or "P/S...Analysartikel • Dec 12
Does Shake Shack (NYSE:SHAK) Have A Healthy Balance Sheet?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Analysartikel • Nov 28
Why Shake Shack Inc. (NYSE:SHAK) Could Be Worth Watching
Shake Shack Inc. ( NYSE:SHAK ), might not be a large cap stock, but it led the NYSE gainers with a relatively large...Seeking Alpha • Nov 19
Shake Shack: Proving Premium Is 'Worth It' In Fast Food's Exodus
Summary Fast-casual chains like Shake Shack are outperforming traditional QSRs, driven by superior value perception and strategic pricing despite QSRs' value promotions. Shake Shack's Q3 results show strong comparable sales growth and traffic rebound, supported by menu innovations, price increases, and expanded ad spend. Despite growing pains and market cannibalization, Shake Shack's operational leverage and cost management have led to significant EBITDA growth and improved margins. I maintain a 'Hold' rating on Shake Shack with a PT of $112, recommending accumulation if the price drops to the $100-$110 range. Read the full article on Seeking AlphaAnalysartikel • Nov 14
Is Now The Time To Put Shake Shack (NYSE:SHAK) On Your Watchlist?
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...Seeking Alpha • Nov 04
Shake Shack: Operational Excellence Is Shining Through
Summary Shake Shack's stock has surged over 60% YTD, driven by new locations, increased customer traffic, and improved operating margins despite price hikes. Shares have continued to rally after a strong Q3 earnings print, featuring acceleration in same-store sales growth and a boost in restaurant operating margins. Importantly, the company expects to also lower new build costs due to new store designs, which will come in handy as the company picks up its pace of restaurant openings. Despite potential macroeconomic and valuation risks, Shake Shack's operational improvements and expansion strategy make it a compelling long-term investment. Read the full article on Seeking AlphaSeeking Alpha • Oct 16
Shake Shack: Surfing The Wave Of Fast-Food Inflation
Summary Shake Shack's strong performance is driven by its successful value proposition, premium pricing, and consistent comparable sales growth, outperforming QSRs and other fast-casual chains. The company leverages kiosks for upselling, strategic menu price increases, and a robust three-pillar plan to maintain perceived value and drive repeat visits. Shake Shack's expansion strategy includes opening new restaurants with attractive ROI, reducing construction costs, and focusing on international markets with high growth potential. Despite positive financial health and growth prospects, Shake Shack's current stock price is close to fair value, leading to a 'Hold' recommendation for now. Read the full article on Seeking AlphaAnalysartikel • Oct 06
There Are Reasons To Feel Uneasy About Shake Shack's (NYSE:SHAK) Returns On Capital
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...
Ny analys • Aug 30
Global Expansion And Critical Investments Propel Brand Growth And Profitability
Shake Shack's premium positioning and focus on innovation and technology suggest a strong potential for increased revenue through differentiated products and pricing strategies.Analysartikel • Aug 22
After Leaping 31% Shake Shack Inc. (NYSE:SHAK) Shares Are Not Flying Under The Radar
Shake Shack Inc. ( NYSE:SHAK ) shareholders would be excited to see that the share price has had a great month, posting...Seeking Alpha • Aug 22
Shake Shack: Set To Thrive Under New Leadership
Summary Shake Shack has risen more than 40% year to date, but there's further upside ahead. Initiating the stock with a buy rating. The company has continued to drive accelerating same-store sales growth, as recent price increases have done little to dent profit. And amid an inflationary environment, particularly in labor and the price of beef, the company has increased its gross margins. The stock also trades at cheaper revenue and adjusted EBITDA multiples versus fast-casual industry peers like Sweetgreen and Chipotle. Read the full article on Seeking AlphaSeeking Alpha • Aug 16
Shake Shack: A Solid Performance Outlook For The Business
Summary SHAK is expected to grow at a mid-teen percentage level for the next two years. Strong 2Q24 performance with 16% revenue growth and expanding margins. Marketing initiatives and drive-through improvements are expected to drive further growth. Read the full article on Seeking AlphaSeeking Alpha • Jul 14
Shake Shack: Poor Business Fundamentals Indicate Overvaluation
Summary Shake Shack is a growing company that I believe is currently overvalued based on current fundamental analysis and poor management decision-making. SHAK has underperformed the market, but some investors remain bullish on growth potential with this high valuation. The company is facing challenges with inflation, wage costs, and thin operating margins, impacting their financial performance. Fundamental analysis indicates that SHAK stock is overvalued, with poor returns on equity and high debt levels, making it a speculative investment. Read the full article on Seeking AlphaAnalysartikel • Jul 12
Is Shake Shack (NYSE:SHAK) A Risky Investment?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Analysartikel • Jun 17
Shake Shack's (NYSE:SHAK) Returns On Capital Not Reflecting Well On The Business
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...Seeking Alpha • May 06
Shake Shack: Priced With Too Much Growth Anticipation
Summary Shake Shack has grown revenues aggressively, and continues the growth story anticipating 12-15% in revenue growth in 2024. The company's profitability needs to improve from currently very thin operating income, and while progress has been made, an improvement into a good level seems to take time. The current valuation prices in way too much earnings growth, making the stock a low risk-to-reward investment at the current price in my opinion. Read the full article on Seeking AlphaSeeking Alpha • Feb 27
Shake Shack: Reiterate Buy Rating As Margin Improvement Initiatives Are Working Well
Summary Shake Shack's 4Q23 results show successful margin improvement initiatives, leading to strong margin expansion and potential for further expansion. The company reported a 20% growth in revenue and a 26.3% growth in restaurant-level profit. Strong operating leverage and positive growth metrics suggest a positive outlook for FY24, with potential for mid-single-digit same-store sales growth. Read the full article on Seeking AlphaAnalysartikel • Feb 22
Shake Shack's (NYSE:SHAK) Performance Is Even Better Than Its Earnings Suggest
When companies post strong earnings, the stock generally performs well, just like Shake Shack Inc.'s ( NYSE:SHAK...Prognoser för vinst- och omsättningstillväxt
| Datum | Intäkter | Intäkter | Fritt kassaflöde | Kassaflöde från rörelsen | Genomsnittligt Antal analytiker |
|---|---|---|---|---|---|
| 12/31/2028 | 2,173 | 102 | 129 | 365 | 10 |
| 12/31/2027 | 1,902 | 75 | 71 | 270 | 27 |
| 12/31/2026 | 1,655 | 59 | 60 | 228 | 27 |
| 12/31/2025 | 1,445 | 46 | 57 | 222 | N/A |
| 9/24/2025 | 1,373 | 43 | 63 | 204 | N/A |
| 6/25/2025 | 1,323 | 20 | 46 | 183 | N/A |
| 3/26/2025 | 1,283 | 12 | 40 | 172 | N/A |
| 12/25/2024 | 1,253 | 10 | 36 | 171 | N/A |
| 9/25/2024 | 1,210 | 9 | 34 | 168 | N/A |
| 6/26/2024 | 1,169 | 27 | 17 | 154 | N/A |
| 3/27/2024 | 1,125 | 24 | -2 | 143 | N/A |
| 12/27/2023 | 1,088 | 20 | -14 | 132 | N/A |
| 9/27/2023 | 1,040 | 5 | -48 | 113 | N/A |
| 6/28/2023 | 991 | -4 | -58 | 104 | N/A |
| 3/29/2023 | 950 | -13 | -60 | 89 | N/A |
| 12/28/2022 | 900 | -21 | -66 | 77 | N/A |
| 9/28/2022 | 865 | -23 | -58 | 69 | N/A |
| 6/29/2022 | 831 | -23 | -55 | 57 | N/A |
| 3/30/2022 | 788 | -20 | -50 | 56 | N/A |
| 12/29/2021 | 740 | -5 | -43 | 58 | N/A |
| 9/29/2021 | 694 | -18 | -38 | 53 | N/A |
| 6/30/2021 | 631 | -22 | -20 | 56 | N/A |
| 3/31/2021 | 535 | -40 | -33 | 40 | N/A |
| 12/30/2020 | 523 | -42 | -32 | 37 | N/A |
| 9/23/2020 | 517 | -25 | -27 | 45 | N/A |
| 6/24/2020 | 544 | -9 | -16 | 72 | N/A |
| 3/25/2020 | 605 | 16 | -21 | 80 | N/A |
| 12/25/2019 | 595 | 20 | N/A | 90 | N/A |
| 9/25/2019 | 567 | 21 | N/A | 96 | N/A |
| 6/26/2019 | 529 | 16 | N/A | 80 | N/A |
| 3/27/2019 | 493 | 14 | N/A | 83 | N/A |
| 12/26/2018 | 459 | 15 | N/A | 85 | N/A |
| 9/26/2018 | 431 | 4 | N/A | 80 | N/A |
| 6/27/2018 | 406 | 4 | N/A | 78 | N/A |
| 3/28/2018 | 381 | 1 | N/A | 80 | N/A |
| 12/27/2017 | 359 | 0 | N/A | 71 | N/A |
| 9/27/2017 | 336 | 16 | N/A | 68 | N/A |
| 6/28/2017 | 316 | 15 | N/A | 64 | N/A |
| 3/29/2017 | 291 | 13 | N/A | 55 | N/A |
| 12/28/2016 | 268 | 12 | N/A | 54 | N/A |
| 9/28/2016 | 246 | 10 | N/A | 51 | N/A |
| 6/29/2016 | 225 | 8 | N/A | 48 | N/A |
| 3/30/2016 | 207 | 5 | N/A | 45 | N/A |
| 12/30/2015 | 191 | -9 | N/A | 41 | N/A |
| 9/30/2015 | 174 | -11 | N/A | 33 | N/A |
| 7/1/2015 | 153 | -12 | N/A | 23 | N/A |
Analytiker Framtid Tillväxt Prognoser
Intäkter kontra sparande: SHAK s prognostiserade vinsttillväxt ( 19.9% per år) är över sparkvoten ( 3.5% ).
Resultat vs marknad: SHAK s intäkter ( 19.9% per år) förväntas växa snabbare än marknaden för US ( 16.4% per år).
Höga tillväxtresultat: SHAK s intäkter förväntas växa, men inte avsevärt.
Intäkt vs marknad: SHAK s intäkter ( 12.2% per år) förväntas växa snabbare än US marknaden ( 11.4% per år).
Hög tillväxtintäkter: SHAK s intäkter ( 12.2% per år) förväntas växa långsammare än 20% per år.
Tillväxtprognoser för vinst per aktie
Framtida avkastning på eget kapital
Framtida ROE: SHAK s avkastning på eget kapital förväntas bli låg om 3 år ( 14 %).
Upptäck tillväxtföretag
Företagsanalys och finansiella data Status
| Uppgifter | Senast uppdaterad (UTC-tid) |
|---|---|
| Analys av företag | 2026/05/06 20:57 |
| Aktiekurs vid dagens slut | 2026/05/06 00:00 |
| Intäkter | 2025/12/31 |
| Årlig intjäning | 2025/12/31 |
Datakällor
Den data som används i vår företagsanalys kommer från S&P Global Market Intelligence LLC. Följande data används i vår analysmodell för att generera denna rapport. Data är normaliserade vilket kan medföra en fördröjning från det att källan är tillgänglig.
| Paket | Uppgifter | Tidsram | Exempel US-källa |
|---|---|---|---|
| Företagets finansiella ställning | 10 år |
| |
| Analytikernas konsensusuppskattningar | +3 år |
|
|
| Marknadspriser | 30 år |
| |
| Ägarskap | 10 år |
| |
| Förvaltning | 10 år |
| |
| Viktiga utvecklingstendenser | 10 år |
|
* Exempel för amerikanska värdepapper, för icke-amerikanska värdepapper används motsvarande regelverk och källor.
Om inget annat anges är all finansiell data baserad på en årsperiod men uppdateras kvartalsvis. Detta kallas data för efterföljande tolv månader (TTM) eller senaste tolv månader (LTM). Lär dig mer om detta.
Analysmodell och snöflinga
Detaljer om analysmodellen som användes för att skapa den här rapporten finns på vår Github-sida, vi har också guider om hur du använder våra rapporter och tutorials på Youtube.
Lär dig mer om det team i världsklass som utformade och byggde analysmodellen Simply Wall St.
Industri- och sektormått
Våra bransch- och sektionsmått beräknas var sjätte timme av Simply Wall St, detaljer om vår process finns tillgängliga på Github.
Källor för analytiker
Shake Shack Inc. bevakas av 36 analytiker. 27 av dessa analytiker lämnade de uppskattningar av intäkter eller resultat som användes som indata till vår rapport. Analytikernas inskickade estimat uppdateras löpande under dagen.
| Analytiker | Institution |
|---|---|
| David Tarantino | Baird |
| Jeffrey Bernstein | Barclays |
| Jeffrey Bernstein | Barclays |