Calls of the Day: ServiceTitan, Shake Shack, Toast, Delta Air Lines and TKO Group
Speakers
Summary
The Investment Committee reviewed the latest Calls of the Day, including ServiceTitan, Shake Shack, Toast, Delta Air Lines, and TKO Group. Josh Brown defended software names ServiceTitan and Toast after a broad selloff and remained long Shake Shack. Belsky also liked Shake Shack and praised Delta as a best-in-class airline, while Wolf called TKO a buying opportunity with strong free cash flow.
- Hosts reviewed analyst calls and target changes for ServiceTitan, Shake Shack, Toast, Delta Air Lines, and TKO Group.
- Josh Brown described the software selloff as creating opportunities in non-AI-disrupted names.
- He said he plans to add to ServiceTitan and called Toast a dominant category killer.
- He remained long Shake Shack as a misunderstood growth story.
- Belsky also favored Shake Shack and called Delta the best-managed airline.
- Wolf viewed TKO as a buying opportunity with live sports and free cash flow.
- The panel focused on buying opportunities after selloffs and management quality.
Ideas
ServiceTitan selloff is a buying opportunity.
ServiceTitan is an undervalued vertical software leader with strong growth and margin expansion potential, serving service-industry customers who need modern billing and scheduling and will not build their own AI replacements; the indiscriminate software selloff has created a buying opportunity, and he owns it and plans to add.
Software selloff creates non-AI buying opportunities.
The across-the-board software selloff has indiscriminately hit companies with no real AI disruption threat, creating broad opportunities in software names once the dust settles.
Toast selloff is overdone; dominant platform.
Toast is a category killer with the largest restaurant market share, using its handheld device as a Trojan horse to expand into food ordering, payroll and other restaurant software; it is not at risk of AI disruption, the dominant platform should remain dominant, and the selloff is overdone.
Shake Shack is misunderstood growth story.
Shake Shack is a misunderstood growth story, not a software or AI situation, and he is remaining long on the name.
Belsky likes Shake Shack growth trajectory.
Shake Shack is a category killer in consumer discretionary/restaurants and small mid-cap, and while near-term growth may look broken because people worry it is growing too fast, he likes its growth trajectory and how management has handled it.
Delta is best-managed global airline.
Delta is the best airline and brand in the world, amazingly managed and operationally fantastic, with excellent ROE and ROA and strong fleet management and investment; it is a core holding they own.
TKO is a free-cash-flow buying opportunity.
TKO Group is a communication services name that offers the kind of growth once found in Alphabet and Netflix, has pulled back to supportive moving averages after hard UFC comps, and is a buying opportunity with 2026 free cash flow from ESPN, Paramount, WWE, UFC and live sports programming.
