Oppenheimer lowered the firm’s price target on Sweetgreen (SG) to $18 from $29 and keeps an Outperform rating on the shares. Investors anticipated Sweetgreen to reset 2025 financial guidance, but the magnitude was still tough, the firm says. Oppenheimer believes the company has transitioned to a “show me” story that requires a bottoming and reversal in earnings and evidence that a majority of the sales headwinds and negative operating leverage in 2025 is temporary. The firm moves its 2026 EBITDA forecast to $29M from $57M to provide a much needed reset to its model.
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