CAVA sinks after annual sales growth target cut

Shares of restaurant chain CAVA Group CAVA.N tumble 22.72% to $65.30 in premarket trading

Co lowers annual same-store sales growth target for the first time since its IPO two years back

Expects FY same-restaurant sales growth between 4% and 6%, below its prior 6%-8% target

Co's Q2 same-store sales grows 2.1%, below estimated 6.47%, per data compiled by LSEG

Reports Q2 revenue of $280.6 mln, below estimates of $285.6 mln

CEO Brett Schulman says economic uncertainties weighing on consumer confidence, weakening demand for dining out in the past few months

Economic uncertainties have also weighed on earnings from other restaurant chains, Chipotle Mexican Grill CMG.N and Sweetgreen SG.N

Thirteen of 19 brokerages rate the stock "buy" or higher, and 6 "hold"; their median PT is $96.5 - LSEG

Up to last close, stock down over 25% YTD