Sweetgreen price target lowered to $43 from $49 at Citi

Citi lowered the firm’s price target on Sweetgreen (SG) to $43 from $49 and keeps a Buy rating on the shares as part of a Q4 earnings preview. The firm sees some risk to Sweetgreen’s Q4 and Q1-to-date same-store-sales from “discrete events,” such as holiday shifts, winter storms, and the wildfires. As such, management may offer conservative full-year guidance given the soft start, the analyst tells investors in a research note. Citi believes weaker sales on a “high-multiple stock may mean some choppiness” for the shares, but it expects continued proof points from Infinite Kitchen effectiveness to bolster the rollout case. The firm expects long-term investors stepping in on a pullback in the stock.