Stifel Reiterates Buy Rating on CAVA Group Inc (CAVA)
Stifel analyst Chris O\'Cull reiterated a Buy rating and $175.00 price target on CAVA Group Inc (NYSE: CAVA).
The analyst comments "CAVA reported comps up 10.8% (Stifel/Street 10.0%) and adjusted EBITDA above the Street mean ($44.9M, Stifel $44.1M, Street $43.5M). The company maintained its fullyear comp guidance of 6-8% and raised its net unit growth and EBITDA guidance for the year. We were encouraged to learn that the company has seen no indication of a pullback in consumer spending. We believe the full-year comp guidance is achievable, given adverse weather impacted trends in 1Q and the company has a slate of initiatives that should drive solid comp momentum over the remainder of the year, including the launch of a new protein in the Fall. New unit performance also remains robust, and we believe the strong performance in recent openings is indicative of continued growth in brand awareness and consumer engagement. Our thesis remains intact, leading us to reiterate our Buy rating and $175 12-month TP."
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Shares of CAVA Group Inc closed at $99.06 yesterday.