Citi raised the firm’s price target on Cava Group to $81 from $60 and keeps a Neutral rating on the shares ahead of the company’s Q1 earnings report due on May 28. In the near-term, top-line guidance “appears conservative,” setting Cava up for more beats and raises ahead, while the firm believes the long-term story remains intact. However, Citi says the stock’s elevated valuation “leaves little room for error.”
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