Sweetgreen price target raised to $37 from $32 at JPMorgan

JPMorgan analyst Rahul Krotthapalli raised the firm’s price target on Sweetgreen to $37 from $32 and keeps an Overweight rating on the shares after hosting meetings with management. The firm says the meeting reaffirms its confidence in the company’s “idiosyncratic growth story.” The brand continues to broaden its appeal without increasing complexity, and continues to build a platform around its brand equity, the analyst tells investors in a research note. The firm now assumes a 1,500-2,000 store footprint built by 2040-2043 with year-over-year development capped at 15% until 2027 and moderating towards 10% until terminal year.