Truist starts coverage on Cava with 'buy' rating
Truist Securities initiates coverage on restaurant chain Cava group CAVA.N with "buy" rating and a price target of $66
Shares of CAVA rise nearly 1% to about $55
New PT an upside of 21.1% from stock's last close
Brokerage sees CAVA's same-store sales rebounding to 4.5% by Q4 2026 and 4% long term, driven by menu innovation, digital growth, loyalty programs, catering, and stronger brand awareness
Truist says co's strong ROI from its new store and higher Google star ratings across store classes versus peers, signals strong growth opportunity
Adds CAVA to open its 1,000th store in 2031, a year ahead of plan, and sees potential for at least 2,500 stores in the long term
Fourteen of 23 brokerages rate the stock "buy" or higher and nine "hold"; their median PT is $70.5; according to data compiled by LSEG
Including session's move, shares down 51.2% YTD
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