Chagee upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Chagee (CHA) to Overweight from Neutral with a price target of $16, up from $11.50. The worst of the company’s same-store-sales declines are now behind it, the analyst tells investors in a research note. JPMorgan sees a “clear path to stabilization and recovery” for Chagee. Year-to-date data show sequential improvement, as the company’s domestic same-store-sales declines have narrowed from negative 25.5% in Q4 to teens precent in Q1, the form contends.