As previously reported, Piper Sandler analyst Brian Mullan downgraded Cava Group to Neutral from Overweight with a price target of $92, up from $63, following the company’s Q1 earnings results. Piper’s updated price target implies only about 4% upside from current levels, which leads the firm to view the risk-reward as more balanced at this time. Nonetheless, Piper continues to possess a favorable view of Cava’s long-term growth profile, and commends management for its incredible execution thus far.
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