Sweetgreen upgraded to Buy at BofA on upside to sales growth

As previously reported, BofA analyst Katherine Griffin upgraded Sweetgreen to Buy from Neutral with a price target of $17, up from $9. The firm, which sees multiple traffic drivers for Sweetgreen, cites increasing foot traffic and the prospects that same-store sales growth with see sustained momentum for its higher estimates and rating. The firm also sees a “meaningful” opportunity for Sweetgreen to closed its margin gap via long-term plans to automate operations.