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Cava Group price target raised to $90 from $77 at JPMorgan

JPMorgan analyst John Ivankoe raised the firm’s price target on Cava Group to $90 from $77 and keeps a Neutral rating on the shares. The company’s “multi-regional success continues to support eventual national scale,” with the Q2 headline same-store-sales of 14.4% underpinned by 9% traffic coming in well above expectations, matched with stronger than modeled new store productivity, the analyst tells investors in a research note. However, JPMorgan is “not chasing stock performance here, and instead would revisit lower.”

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