Sweetgreen reiterated as top pick in to earnings at Oppenheimer

Oppenheimer analyst Brian Bittner reiterates Sweetgreen as a top pick into the company’s Q2 results on August 8. The analyst sees a “compelling case for fundamental upside” to Q2 estimates, but also realizes investors are concerned Q3 could soften via data points from peers. The firm’s modeling work, coupled with Sweetgreen’s “unique” same-store-sales and margin drivers, enables it to maintain a bullish stance against lowered expectations. Opco also reiterates its longer-term view that Sweetgreen’s model “remains in early innings of a powerful revision cycle” with additional optionality from “Infinite Kitchens.” The firm keeps an Outperform rating on the shares with a $34 price target.