These Analysts Increase Their Forecasts On Cava Group After Strong Earnings

CAVA Group, Inc. CAVA reported better-than-expected second-quarter financial results on Thursday.

Cava Group reported quarterly earnings of 17 cents per share which beat the analyst consensus estimate of 12 cents by 41.67%. Quarterly sales clocked in at $233.495 million, beating the analyst consensus estimate by 7% and representing a 35.05% increase from the same period last year.

"Our results in the second quarter continued to demonstrate the strength of our category-defining brand and our unique and compelling value proposition," said Brett Schulman, Cava Group's CEO.

Cava raised its fiscal year 2024 adjusted EBIDTA guidance from a range of $100 million to $105 million to a range of $105 million to $114 million and raised its same-restaurant sales growth forecast from between 4.5% and 6.5% to between 8.5% and 9.5%.

CAVA Group shares fell 0.9% to close at $101.98 on Thursday.

These analysts made changes to their price targets on CAVA Group following earnings announcement.

• Wedbush analyst Nick Setyan maintained Cava Group with an Outperform and raised the price target from $100 to $120.
• Baird analyst David Tarantino maintained the stock with an Outperform and boosted the price target from $105 to $125.
• Stifel analyst Chris O’Cull maintained Cava with a Buy and raised the price target from $110 to $118.
• Jefferies analyst Andy Barish maintained the stock with a Buy and raised the price target from $94 to $117.
• TD Cowen analyst Andrew Charles maintained Cava Group with a Buy, while increasing the price target from $95 to $115.

Considering buying CAVA stock? Here’s what analysts think: