Sweetgreen downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Sweetgreen (SG) to Neutral from Overweight with a $32 price target The firm says the company’s underlying demand trends continue to soften with further impact moving into higher income demographics. Absolute value has become an issue at the brand, with most bowls and salads containing protein ranging $13-%17, or 7%-30% higher on average than peers, the analyst tells investors in a research note. JPMorgan points out that Sweetgreen is expected to remain free cash flow negative through fiscal 2030.