Cava Group price target raised to $65 from $59 at Wedbush

Wedbush analyst Nick Setyan raised the firm’s price target on Cava Group to $65 from $59 and keeps an Outperform rating on the shares. The company’s Q4 earnings came in above expectations on better than expected same-store-sales growth and margin, the analyst tells investors in a research note. The firm vires 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. With improved near- and medium-term visibility post the Q4 report the company’s 2024 guidance looks conservative, adds Wedbush.