Sweetgreen price target raised to $34 from $17 at Oppenheimer

Oppenheimer raised the firm’s price target on Sweetgreen to $34 from $17 and keeps an Outperform rating on the shares. The firm notes Sweetgreen is up 123.5% year-to-date, surpassing its prior $17 price target and forcing Oppenheimer to reassess its investment thesis. A new deep-dive analysis supports Sweetgreen remaining one of the firm’s “top picks” with an increased price target to $34. This move is enabled by its financial analysis through 2028, which suggests a conservative base-case EBITDA of $148M; applying a EV/EBITDA target multiple that is a discount to the peer average; and discounting value back using Sweetgreen’s above-average WACC.