Cava Group price target lowered to $95 from $115 at Baird

Baird analyst David Tarantino lowered the firm’s price target on Cava Group (CAVA) to $95 from $115 and keeps an Outperform rating on the shares. The company reported a “disappointing” update on comps in Q2, but the softer than expected trends are more reflective of macro headwinds and a difficult comparison than any structural issues with the brand, the analyst tells investors in a research note. The firm believes Cava’s long-term thesis remains positive with comps returning to healthier levels in early Q3.