KeyBanc analyst Christopher Carril reiterated a Sector Weight rating and {REMOVEPT} price target on Sweetgreen Inc (NYSE: SG).

The analyst commented: "Early Signs of Improvement, but a Long Road Still Ahead; Another challenging quarter for SG, though perhaps not quite as feared as traffic was noted as improving sequentially throughout the quarter, with April SSS nearly 500 bps better than overall 1Q trends. Progress is encouraging, but the road to positive comps will likely take time as various initiatives (e.g., wraps, review of pricing architecture, etc.) are executed. Updating our model to reflect the 1Q miss, among other adjustments."

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Shares of Sweetgreen Inc closed at $6.74 yesterday.