Cava Group initiated with a Neutral at Wedbush

Wedbush initiated coverage of Cava Group with a Neutral rating and $33 price target. While the firm sees Cava – with a “differentiated brand, compelling unit economics,” and a long runway of growth – being positioned as a long-term transaction share gainer, the firm contends that risks through the first half of 2024 “cannot be dismissed” and notes having below-consensus same-store sales growth expectations for 2024.