Sweetgreen price target lowered to $19 from $23 at Cowen

Cowen analyst Andrew Charles lowered the firm’s price target on Sweetgreen to $19 from $23 and keeps an Outperform rating on the shares. The analyst said he expects shares to be in the penalty box until the launch of the loyalty program likely in 2Q23, the views as the most tangible driver of SSS on the horizon and perhaps sets up 2023 as a 2H weighted year.