Cava Group price target raised to $63 from $46 at Piper Sandler

Piper Sandler raised the firm’s price target on Cava Group to $63 from $46 and keeps an Overweight rating on the shares following quarterly results. In what was its third quarter reporting as a public company, results were yet again very strong on both the top and bottom line; punctuated by 6.2% traffic growth in the quarter, the firm notes. In addition, Piper points out that Cava provided its initial full year 2024 guidance.