Sweetgreen price target raised to $22 from $17 at TD Cowen

TD Cowen analyst Andrew Charles raised the firm’s price target on Sweetgreen to $22 from $17 and keeps a Hold rating on the shares. A panel of casual dining executives suggests a favorable Q1 for fast casual sales and the margin environment, which increases TD’s conviction in the sub-sector, the analyst tells investors in a research note. At current valuation levels, the firm sees a greater importance on raising 2024 adjusted EBITDA guidance to sustain the recent runs. TD has greatest confidence this will be done at Shake Shack (SHAK), Sweetgreen (SG) and Cava Group (CAVA).