Cava Group price target lowered to $97 from $107 at Morgan Stanley

Morgan Stanley analyst Brian Harbour lowered the firm’s price target on Cava Group (CAVA) to $97 from $107 and keeps an Equal Weight rating on the shares. Q2 same-store sales growth of 2.1% was well below the Street at 6.3%, while management lowered its FY25 same-store sales growth view to 4%-6% from 6%-8%, notes the analyst, who thinks the miss and perhaps recalibration of forward estimates “should weigh on the stock given robust valuation.”