JPMorgan analyst John Ivankoe upgraded Cava Group (CAVA) to Overweight from Neutral with an unchanged price target of $110. The firm recommends taking advantage of the recent pullback in the shares. Cava has “significant” U.S. white space for expansion from its already multi-market success, is generating free cash flow “unusually early,” and has considerable near-term operational and brand initiatives to drive both sales and profits, the analyst tells investors in a research note. JPMorgan views the stock as a “buy now and own for the long-term.”
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