Research
Northcoast Upgrades CAVA to Neutral From Sell
CAVA Group (CAVA) has an average rating of overweight and mean price target of $89.22, according to analysts polled by FactSet.
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Wire
CAVA's Top-Line Performance Expected to Continue Improving in H2, UBS Says
CAVA's (CAVA) topline performance is poised to continue improving in H2, driven by lower impact from food safety headlines and several strategic initiatives, including menu innovation, digital/loyalty gains and operational improvements, UBS said in a Wednesday note.UBS estimates Q3 and full-year same-store sales of 3.5% and 7%, respectively, and said that it expects additional opportunities to support growth into 2027, including from marketing plan enhancements given the current chief marketing officer search and the company's catering program, which enters a second test market in the fall.The firm further anticipates Q3 restaurant-level margin will likely be lower than Q2 given pressure due to higher cost of goods sold, additional labor investments, and still limited pricing. UBS models 23.6% CAVA RLM for Q3 and 23.9% for 2026 and forecasted adjusted EBITDA of $190.9 million for the full-year.UBS maintained its buy rating with a $90 price target on the company's stock.Price: $67.24, Change: $+6.43, Percent Change: +10.57%
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Wire
Cava's Sales Growth to Continue as New Restaurants Outperform, RBC Says
Cava Group (CAVA) could keep growing as same-store sales recover from the Cyclospora impact, new restaurants continue to outperform expectations, expansion supports demand, and future marketing spending offers another growth option, RBC Capital Markets said.Same-store sales have improved each week since the early Q3 slowdown, reaching mid-single-digit growth last week, which supports its view that the recent pressure may be temporary. Strong results from newer and older restaurants suggest demand remains healthy and could support further expansion into both existing and new markets, according to the note Tuesday.Cava's Q2 same-store sales rose 9.0%, above Street expectations of 7.4% and buy-side expectations of about 8%, RBC said. It expects new restaurant openings to remain a key growth driver, with new locations continuing to beat management's expectations for sales and margins across different regions and store formats.Cava's planned Bay Area expansion next year could perform above average, while higher marketing spending in the future could help build brand awareness and support same-store sales growth, according to the note.RBC raised its price target on Cava to $95 from $90, while keeping its outperform rating.Shares of the company were up more than 13% in Wednesday trading.Price: $68.75, Change: $+7.94, Percent Change: +13.06%
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Wire
Update: CAVA Shares Jump Pre-Bell After Fiscal Q2 Earnings, Revenue Growth Beats Market Consensus
(Updates with the stock move in the headline and the first paragraph.)CAVA (CAVA) shares were up over 11% in Wednesday's premarket activity after the company reported higher-than-expected Q2 earnings and sales that also beat market expectations.The company reported fiscal Q2 earnings late Tuesday of $0.19 per diluted share, up from $0.16 a year earlier.Analysts polled by FactSet expected $0.18.Revenue for the 12 weeks ended July 12 was $368.4 million, up from $280.6 million a year earlier.Analysts expected $360.1 million.For the full year 2026, the company reaffirmed its same-restaurant sales growth outlook of 4.5% to 6.5%.Price: $68.02, Change: $+7.21, Percent Change: +11.86%
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Wire
BofA Securities Adjusts CAVA Group Price Target to $110 From $108
CAVA Group (CAVA) has an average rating of overweight and mean price target of $94.50, according to analysts polled by FactSet.Price: $67.23, Change: $-1.65, Percent Change: -2.40%
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US Markets
Restaurants, Food Distributors Poised for Mixed Second Quarter, Morgan Stanley Says
US restaurant and food distribution companies likely saw a mixed second quarter, with largely stable industry trends that are masking "signs of strain," Morgan Stanley said in a note e-mailed Wednesday.The stable outlook is supported by Black Box data showing steady same-store sales growth through the June quarter, according to the brokerage. However, there are certain "signs of strain," the firm said in a note to clients. The sectors are facing slowing retail sales and other headwinds. A possible summer cyclosporiasis outbreak could temporarily impact the lettuce supply and deter diners, Morgan Stanley said."We don't see a big change in underlying macro themes near term that could help change the fortunes of some of the more challenged brands," the brokerage wrote. "Larger (quick-service restaurant) we think remains a soft spot; beverage quite strong; fast-casual mixed, but maybe better at the margin; full-service also mixed, but good in absolute; and food (distribution) resilient overall."Morgan Stanley sees Performance Food Group (PFGC) as a preferred name among food distributors. All companies in the brokerage's coverage in this category are likely to have "solid (second) quarters, though bars are higher today," according to the note.The firm sees another "tougher" quarter for franchised fast food companies, with certain exceptions, it said. McDonald's (MCD) and Domino's Pizza (DPZ) are among the names that likely face tougher near-term setups. Beverage continues to be a "bright spot," with Morgan Stanley remaining overweight on Starbucks (SBUX) and Dutch Bros' (BROS) stocks, according to the note.The firm upgraded its rating on Cava Group's (CAVA) shares to overweight from equal weight while downgrading both Chefs' Warehouse (CHEF) and Black Rock Coffee Bar (BRCB) to equal weight from overweight.Cava is among the few companies that Morgan Stanley said it feels "good about most" regarding several key growth metrics, including traffic and unit expansion. "Valuation is defensible, because it remains one of the strongest fundamental stories in restaurants," the brokerage wrote.Although Chefs' Warehouse remains fundamentally strong with a high likelihood of beating its financial guidance, a nearly 60% year-to-date rally has pushed the stock to the high end of its typical valuation range, Morgan Stanley said."Looking at the numbers, there remains a disconnect between (Black Rock Coffee Bar's) growth profile and valuation, but we're aware that narrative, execution, and qualitative concerns can sometimes override that," the brokerage wrote. "For a newly public young company in a large competitive category, hitting guidance isn't enough."Price: $110.83, Change: $-2.16, Percent Change: -1.91%
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Wire
Restaurant Sector Remains Mixed as Stronger Operators Outperform, Morgan Stanley Says
Restaurant and food companies continue to see mixed performance, as stronger operators outperform while weaker brands face ongoing challenges, Morgan Stanley said in a note Wednesday.Recent market shifts, including artificial intelligence and uncertainty around Iran, have led investors to better differentiate between companies still delivering and those that are not, the investment bank said, adding it does not expect any major near-term macroeconomic changes that would improve conditions for challenged brands.Across the industry, large quick-service restaurants remain a weak segment, while beverage companies continue to perform strongly, and fast-casual restaurants are mixed but showing modest improvement, according to the note. Full-service restaurants are also mixed but remain solid overall, and food distributors continue to demonstrate resilience, the investment bank said."Recent slowing in industry data will be a focus, though perhaps short lived and comparisons help as we head into late Q3/Q4 for many and the overall industry," the bank added.Morgan Stanley raised its price target on Starbucks (SBUX) to $111 from $110, Restaurant Brands International (QSR) to $79 from $78, CAVA Group (CAVA) to $90 from $86, and Dutch Bros (BROS) to $88 from $87, while lowering its price target on Domino's Pizza (DPZ) to $370 from $395, and McDonald's (MCD) to $322 from $331.The bank downgraded Black Rock Coffee Bar (BRCB) to equal-weight from overweight and cut its price target to $9 from $22, while upgrading CAVA Group (CAVA) to overweight from equal-weight and raising the price target to $90 from $86. Morgan Stanley downgraded Chefs' Warehouse (CHEF) to equal-weight from overweight while raising its price target to $97 from $83.The bank also increased its price targets on Performance Food Group (PFGC) to $131 from $120, Sysco (SYY) to $88 from $84, and US Foods (USFD) to $103 from $94.Price: $106.99, Change: $+0.82, Percent Change: +0.78%
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Research
Morgan Stanley Upgrades CAVA Group to Overweight From Equalweight, Raises Price Target to $90 From $86
CAVA Group (CAVA) has an average rating of overweight and mean price target of $94.41, according to analysts polled by FactSet.
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Insider Trading
Cava Group Insider Sold Shares Worth $900,000, According to a Recent SEC Filing
Karen Kochevar, Director, on June 18, 2026, sold 10,000 shares in Cava Group (CAVA) for $900,000. Following the Form 4 filing with the SEC, Kochevar has control over a total of 3,074 common shares of the company, with 3,074 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1639438/000162828026044891/xslF345X05/wk-form4_1782245061.xml
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Sectors
Sector Update: Consumer Stocks Mixed Late Afternoon
Consumer stocks were mixed late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 2%.In corporate news, Cracker Barrel Old Country Store (CBRL) shares surged 25%. The company reported fiscal Q3 adjusted earnings late Tuesday of $0.29 per diluted share, down from $0.58 a year earlier. Analysts polled by FactSet expected a per-share loss of $0.48. Wells Fargo upgraded the company to overweight from equalweight, and lifted its price target to $50 from $35.Chewy (CHWY) lowered its full-year sales outlook on Wednesday even though the online pet store company's fiscal Q1 revenue topped market estimates. Its shares fell 2.3%.Casey's General Stores (CASY) shares jumped past 18% after the convenience store operator recorded better-than-expected fiscal Q4 results.Cava (CAVA) is well-positioned for continued same-store sales growth in the long term amid multiple drivers despite a challenging macroeconomic environment, UBS Securities said. UBS upgraded its rating on the company's stock to buy from neutral and raised its price target to $90 from $85. Cava shares climbed 5.4%.
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Wire
CAVA Shares Rise After UBS Upgrade
CAVA (CAVA) shares were up almost 6% in Wednesday trading after UBS upgraded the stock to buy from neutral and boosted its price target to $90 per share from $85.Trading volume stood at more than 2.6 million shares, compared with a daily average of nearly 3 million.Price: $80.71, Change: $+4.43, Percent Change: +5.80%
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US Markets
Cava Has Multiple Catalysts to Sustain Sales Growth Momentum, UBS Says in Upgrade
Cava Group (CAVA) is well-positioned for continued same-store sales growth in the long term amid multiple drivers despite a challenging macroeconomic environment, UBS Securities said Wednesday.Last month, the fast-casual restaurant chain's fiscal first-quarter revenue and same-restaurant sales growth topped Wall Street's views. The company raised the full-year growth forecast for same-restaurant sales to between 4.5% and 6.5% from its previous guidance range of 3% to 5%.Cava's same-store sales growth could exceed its new guidance amid a "solid traffic-driven sales momentum" so far this year and resilient demand despite the tough macro backdrop, UBS analyst Dennis Geiger said in a note to clients Wednesday."Cava remains a compelling growth story, which is increasingly scarce in the sector in the current environment, (with) differentiated menu offerings, multiple sales catalysts, ongoing investments to support sustainability, and healthy new unit returns," Geiger wrote. "In addition to earnings upside potential, we believe sustained outsized growth, without the overhang concerns of select growth peers, should support shares re-rating higher."UBS upgraded its rating on the company's stock to buy from neutral and raised its price target to $90 from $85.Cava shares were up 6.7% in Wednesday afternoon trade, bringing its year-to-date gains to nearly 39%.The company should be able to "comfortably" meet its long-term same-store sales growth target of low- to mid-single-digit percentage over the next few years, and could exceed its 1,000 unit growth target by 2032, according to UBS."We remain encouraged by Cava's solid development track record and strong new store performance in recent years," Geiger said. "We expect the brand should maintain a compelling growth trajectory over the coming years."Price: $82.08, Change: $+5.80, Percent Change: +7.60%
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Wire
Cava's Sales Momentum, Store Expansion Support Growth Outlook, UBS Securities Says
Cava Group (CAVA) has room for further upside as stronger same-store sales, faster store growth, digital gains, and healthy new restaurant returns support its long-term growth outlook, UBS Securities said in a note Wednesday.The investment firm said Cava is still outperforming peers on same-store sales despite a difficult consumer backdrop and could beat its 2026 same-store sales guidance of 4.5% to 6.5%, while future sales could be supported by menu updates, limited-time offers, marketing, loyalty programs, digital sales and improvements to restaurant operations.Cava could grow faster than its target of 1,000 restaurants by 2032, helped by strong store returns, solid performance in new markets and wider room for expansion, according to the note.Labor investments should also help the company build enough restaurant leaders to support new store openings, the firm said.UBS Securities upgraded Cava to buy from neutral and raised its price target to $90 from $85.Shares of the company were up about 7.9% in Wednesday trading.Price: $82.27, Change: $+5.99, Percent Change: +7.85%
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Research
UBS Upgrades CAVA Group to Buy From Neutral, Raises Price Target to $90 From $85
CAVA Group (CAVA) has an average rating of overweight and mean price target of $93.17, according to analysts polled by FactSet.
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Insider Trading
Cava Group Insider Bought Shares Worth $317,800, According to a Recent SEC Filing
Douglas W. Thompson, Chief Operations Officer, on May 26, 2026, executed a purchase for 4,000 shares in Cava Group (CAVA) for $317,800. Following the Form 4 filing with the SEC, Thompson has control over a total of 10,371 common shares of the company, with 10,371 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1639438/000162828026038785/xslF345X05/wk-form4_1779998544.xml
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Insider Trading
Cava Group Insider Sold Shares Worth $799,499, According to a Recent SEC Filing
Kelly Costanza, Chief People Officer, on May 21, 2026, sold 10,010 shares in Cava Group (CAVA) for $799,499. Following the Form 4 filing with the SEC, Costanza has control over a total of 113,850 common shares of the company, with 113,850 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1639438/000162828026037744/xslF345X05/wk-form4_1779481704.xml
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Insider Trading
Cava Group Insider Sold Shares Worth $399,662, According to a Recent SEC Filing
Adam David Phillips, Chief Accounting Officer, on May 21, 2026, sold 5,181 shares in Cava Group (CAVA) for $399,662. Following the Form 4 filing with the SEC, Phillips has control over a total of 9,505 common shares of the company, with 9,505 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1639438/000162828026037745/xslF345X05/wk-form4_1779481710.xml
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Wire
Cava Showing Resilient Demand Despite Macro Pressures, RBC Says
Cava's (CAVA) underlying demand is showing evidence of momentum and resilience despite incremental macro pressures in Q2 so far, RBC Capital Markets said in a Wednesday note.Analysts said that a key positive from the company's "impressive" first quarter was that the low-income cohort delivered the strongest performance in the period, bucking the K-shaped economy trend.RBC said the company's Q2 same-store sales growth so far is tracking in line with the first quarter's 9.7%, adding that there are no signs of any impact from the Iran conflict on traffic growth.The investment firm also pointed to elevated new-store productivity, growing digital engagement and operational improvements tied to assistant general manager deployments and digital kitchen investments.RBC retained an outperform rating on the stock and raised its price target to $105 from $100.Shares of Cava were up nearly 7% in Wednesday trading.Price: $83.37, Change: $+5.25, Percent Change: +6.72%
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Wire
CAVA's 'Bullish' Narrative Remains After Strong Q1, Morgan Stanley Says
CAVA Group's (CAVA) "bullish" narrative remains intact after the company reported a strong Q1 performance, Morgan Stanley said in a report Wednesday."A strong 1Q we think a bit ahead of healthy expectations, which should support the stock, though probably doesn't change the bullish narrative much," the report said.The report said CAVA was, and remains, priced to beat guidance, pointing to Q1 beat and some early Q2 momentum."This remains conservative if the year continues to trend similarly," the note said, adding that the main reservation on the stock is valuation."But we skew positive on the unit rollout and brand potential, and data points continue to support an optimistic view there with strong new store performance," the report said.Morgan Stanley raised its price target to $86 from $85 while maintaining an equal weight rating.Price: $83.49, Change: $+5.37, Percent Change: +6.87%
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Research
Research Alert: CFRA Maintains Hold Opinion On Shares Of Cava Group Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month target by $15 to $90, based on an equal-weighted blended valuation (50x 2027 EV/EBITDA; 6x EV/sales). We cut 2026 EPS to $0.66 from $0.80 and 2027's to $0.85 from $1.19, due to flat EBITDA margin assumptions versus prior expansion expectations. We maintain our Hold following Q1 results that included a beat-and-raise, highlighted by 9.7% comp growth (vs. 6.1% consensus). Our revised estimates embed comps near the top of CAVA's raised 4.5%-6.5% 2026 outlook. However, restaurant-level margin guidance was raised only 10 bps despite strong traffic, suggesting energy and food cost inflation are limiting profit flow-through. The company remains debt-free with strong cash generation, and 2025 openings are tracking above AUV targets, underscoring the long-term growth story. While our premium multiples reflect CAVA's superior unit economics and runway, current margin headwinds and elevated expectations limit near-term upside.
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