Cava eyes worst day on record after annual sales forecast cut

Shares of restaurant chain Cava Group CAVA.N tumble as much as 22.3% to $65.70 in early trade, after co lowers annual same-store sales forecast for the first time since IPO two years ago

Stock set for its worst day on record, if losses hold

Brokerage Jefferies says forecast cut "reset expectations to prove realistic if not conservative"

Co also misses Q2 same-store sales and revenue estimates - data compiled by LSEG

Analysts at Stifel say Q2 softness was largely a function of lapping last year's "blockbuster" steak launch, and trends so far in current quarter have improved; sees sharp pullback in shares as a buying opportunity

At least six brokerages cut PT on stock; average rating of 19 brokerages is "buy"; with a median PT of $96

Up to last close, stock down ~25% YTD