TD Cowen downgrades Sweetgreen to Hold, lowers price target to $15

As previously reported, TD Cowen analyst Andrew Charles downgraded Sweetgreen (SG) to Hold from Buy with a price target of $15, down from $25. The firm says its concern on same-store sales misses began in Q2, though it extends to the optimistic second half of 2025 acceleration embedded in consensus, while there is risk of not returning to normalized same store sales in 2026. In its view, this will prohibit shares from getting credit for Infinite Kitchens especially with the benefits reflected in consensus estimates.