Piper Sandler lowered the firm’s price target on Sweetgreen (SG) to $20 from $27 and keeps a Neutral rating on the shares following quarterly results. For the quarter, same-store sales were down 3.1%, which the firm would characterize as within the ballpark of both consensus and investor expectations. With that said, on the call, Sweetgreen disclosed that Q2-to-date same-store sales are running down mid-single-digits, with management citing a change in consumer behavior that is different than what it was expecting two months ago.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SG:
- Sweetgreen Faces Challenges Amid Cautious Financial Outlook and Uncertain Customer Demand
- Sweetgreen’s Resilience and Growth Potential: A Buy Rating Amid Short-Term Challenges
- Sweetgreen Reports Modest Revenue Growth Amid Challenges
- Sweetgreen’s Strategic Initiatives and Financial Performance Justify Buy Rating Despite Challenges
- Closing Bell Movers: Pinterest jumps 15%, Toast up 7% after earnings