Cava rises after Bernstein upgrade

Fast-casual restaurant Cava's CAVA.N shares rise 6.6% to $86.79

Bernstein upgrades CAVA's rating to "outperform" from "market-perform"; maintains PT of $115

Brokerage says it is upgrading CAVA as it believes the market is overly discounting near-term risks while undervaluing the long-term growth story

CAVA's relatively higher-income consumer base and disciplined pricing actions will likely protect it during the current economic downturn, brokerage says

Bernstein expects Cava to absorb any tariff impact, increasing its continued value perception

11 of 18 brokerages rate the stock "buy" or higher, seven "hold"; their median PT is $115, according to data compiled by LSEG

CAVA has lost 28% YTD, up to last close