Piper Sandler lowered the firm’s price target on Cava Group (CAVA) to $100 from $122 and keeps an Overweight rating on the shares following quarterly results. The headline is that the Q2 same-store sales result of +2.1% came in significantly below consensus of +6.0%, with consensus essentially being a function of Cava’s guidance, the firm notes. Related to this, Cava lowered its same-store sales guidance for the balance of the year, and the implication is that the stock was down significantly in the post market, Piper says.
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