Sweetgreen price target raised to $13 from $12 at Citi

Citi analyst Jon Tower raised the firm’s price target on Sweetgreen to $13 from $12 and keeps a Neutral rating on the shares. The analyst remains favorably biased to the long-term story at Sweetgreen heading into the Q4 report. The market is not giving shares credit for the ultimate Infinite Kitchen opportunity, and Sweetgreen has a compelling line-up of initiatives to drive same-store-sales across the system, the analyst tells investors in a research note. That said, Citi expects management remains cautious on the Infinite Kitchen commentary this early in the game, and says the reaction to a slow Q1 start could be harsher in a higher multiple stock.