Citi initiated coverage of Cava Group with a Neutral rating and $42 price target. With the shares trading at 60-times Citi’s 2024 EBITDA estimate, several years until Cava is free cash flow positive and the risk of a “choppy” macro backdrop, the firm is on the sidelines pending more evidence the company is positioned for meaningful positive estimate revisions, the analyst tells investors in a research note.
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