Cava Group Posts Q3 Beat: ‘Notable Tangible Sales Drivers,’ Analysts Say, Raise Forecasts
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CAVA Group Inc (NYSE:CAVA) shares were climbing on Wednesday after the company reported upbeat third-quarter earnings.
The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.
TD Cowen On Cava Group
Analyst Andrew Charles maintained a Buy rating, while raising the price target from $130 to $150.
Cava Group reported its third-quarter adjusted EBITDA at $33.5 million, higher than the consensus of $29 million, with the beat being “primarily sales driven,” which flowed through to restaurant level margins of 25.6%, versus consensus of 24.9%, Charles said in a note.
Management raised its 2024 same-store sales guidance to 12%-13%, from …
Full story available on Benzinga.com
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