Piper Sandler lowered the firm’s price target on Sweetgreen (SG) to $20 from $27 and keeps a Neutral rating on the shares following quarterly results. For the quarter, same-store sales were down 3.1%, which the firm would characterize as within the ballpark of both consensus and investor expectations. With that said, on the call, Sweetgreen disclosed that Q2-to-date same-store sales are running down mid-single-digits, with management citing a change in consumer behavior that is different than what it was expecting two months ago.
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