Down 36% from its 52-week high, Shake Shack (SHAK) is working on a comeback after its third-quarter earnings report. Last month, Hedgeye initiated Shake Shack as a new short idea, warning of potential 20% downside. Analyst Bennett Cheer cited growing evidence of declining food quality, pointing to the company’s switch from fresh Martin’s potato buns to frozen Rotella’s buns, which are thawed in stores. Cheer argued that this shift and Shake Shack’s move toward a quick-service restaurant (QSR) model could ...