KeyBanc lowered the firm’s price target on Cava Group (CAVA) to $65 from $85 and keeps an Overweight rating on the shares. The firm notes the company’s Q3 results saw EPS/EBITDA and same-store sales miss consensus forecasts as consumers continued to pull back on discretionary spending. Same-store sales trends remained volatile in October, causing the company to adjust its full-year outlook, which now implies low-single-digit negative same-store sales trends in the Q4.
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