Cava Group downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Brian Harbour downgraded Cava Group to Equal Weight from Overweight with a price target of $110, up from $90. With the stock up 200% year-to-date, the firm is” stepping aside” but is still positive on the brand and the narrative. Morgan Stanley still sees upward estimate revisions, though maybe not as much as before, and says this not underappreciated in the shares today. “This is a valuation call,” the analyst tells investors in a research note.