JPMorgan downgraded Cava Group (CAVA) to Neutral from Overweight with an unchanged price target of $77. The firm says the shares at $92.55 sit too far above the price target for it to hold onto an Overweight rating. The analyst’s incremental recommendation is to hold or reduce positions versus scaling up. As such, it moves the stock to a “valuation-driven” Neutral but remains constructive on the “clean business model.” JPMorgan prefers Chipotle (CMG) over Cava at these levels.
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