Cava Group price target raised to $54 from $48 at Jefferies

Jefferies analyst Alexander Slagle raised the firm’s price target on Cava Group to $54 from $48 and keeps a Buy rating on the shares. Cava reported solid results out of the gates with an “impressive” SSS beat flowing through to RLM, yielding $21.6M in adjusted EBITDA vs. the Street’s estimate of $15.5M, the analyst tells investors in a research note. Cava is executing well on core drivers against its attractive long-term algorithm, the firm says.