Cava Group price target raised to $90 from $74 at Wedbush

Wedbush raised the firm’s price target on Cava Group to $90 from $74 and keeps an Outperform rating on the shares following a solid Q1 and raised 2024 guidance. 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. With improved near- and medium-term visibility, Wedbush also views current 2024 and 2025 same-store sales growth and EBITDA expectations as conservative.