Cowen analyst Andrew Charles downgraded Sweetgreen to Market Perform from Outperform with a price target of $12, down from $19. The analyst believes the external environment presents risks to Sweetgreen’s same-store-sales and challenge the company’s organic path to profitability. Further, the company’s target for 1,000 stores by 2030 "strikes us as optimistic," the firm tells investors in a research note. It believes the 2023 consensus development estimates are fair but feels the embedded acceleration in 2024 and 20225 is "aggressive."
Published first on TheFly
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