Cava Group price target lowered to $100 from $121 at BofA

BofA lowered the firm’s price target on Cava Group (CAVA) to $100 from $121 and keeps a Buy rating on the shares. A “modest” revenue miss despite a “more meaningful” same-store sales growth miss is a function of an evolving restaurant maturity curve, the analyst tells investors. While the tailwind to comps from store maturation has moderated, the firm is “encouraged by the new unit volume strength across markets of widely disparate sizes,” the analyst added in an earnings recap. Following the quarterly report, the firm maintains its growth expectations, but is applying a lower multiple owing to growth multiple compression.