To date, Shake Shack has avoided the “restaurant recession” congealing the profit outlooks for McDonald’s and Burger King. That’s in part because there’s nothing Americans like more than a new chicken sandwich, which helped Danny Meyer et. al. bring in the crowds in the first quarter.

When that novelty wears off, however, the Journal’s Steven Russolillo is pretty sure they won’t be lining up anymore, because people in the rest of the country stubbornly refuse to acknowledge the superiority of the Shack Stack over all competitors.

As Shake Shack expands locations, it still struggles to generate the same level of enthusiasm in suburbia as it has in its birthplace, New York. That doesn’t bode well for an already expensive stock which fetches 83 times projected earnings.

Shake Shack isn’t nearly appetizing enough at this price.

Shake Shack Is Priced for Steak, Not Burgers [WSJ]