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:
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