Piper Sandler analyst Brian Mullan lowered the firm’s price target on Sweetgreen (SG) to $12 from $20 and keeps a Neutral rating on the shares after the company reported earnings. The firm notes that for the quarter, the Q2 same-store sales result of down 7.6% came in below consensus expectations of down 5.5%. While Piper is a big believer in the brand, and doesn’t think this means the company can’t meaningfully grow from here, it will likely be a tough day for the stock.
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