JPMorgan lowered the firm’s price target on Cava Group (CAVA) to $95 from $115 and keeps an Overweight rating on the shares. The firm is more cautious on Cava, saying the company’s same-store-sales look to be softer than modeled as higher new unit volumes normally influence expected year two comp contribution. JPMorgan stays Overweight but acknowledges that the lack of near-term valuation support may provide a better entry point.
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