CAVA Group Inc PT Raised to $90 at TD Cowen

TD Cowen analysts raised the price target on CAVA Group Inc (CAVA) to $90.00 (from $73.00) while maintaining a Buy rating.

The analysts commented: “We are pleased with 1Q results and continued underlying momentum that manifested in 15% raised 2024 adj EBITDA guidance at the midpoint. We expect shares’ reaction to be subdued by 2.3% SSS that beat consensus but trailed HSD%-10% investor expectations. We are bullish on CAVA’s playbook to grow mix & traffic in 2024 & beyond that includes a roll-out of steak in June & loyalty refresh in late 2024.”