Cava Group price target raised to $35 from $33 at Wedbush

Wedbush analyst Nick Setyan raised the firm’s price target on Cava Group to $35 from $33 and keeps a Neutral rating on the shares following quarterly results. The firm views Cava as one of a handful of publicly traded restaurants positioned to deliver positive annual transaction growth over the longer term, with realistic long-term revenue and unit growth targets. However, given tough year-over-year same-store sales growth and margin comparisons in the first half of 2024, Wedbush believes shares are likely to be range-bound until visibility into Cava’s near- and medium-term comp and margin trajectory improves.