Cava Group price target lowered to $140 from $163 at Citi

Citi analyst Jon Tower lowered the firm’s price target on Cava Group (CAVA) to $140 from $163 and keeps a Neutral rating on the shares as part of an earnings preview. The firm says that despite its expectations for at least an inline Q4 same-store-sales, the shares have traded off on concerns about weather, a choppier consumer backdrop, and the net impact of Department of Government Efficiency versus calls for federal workers to return to the office. However, barring any 2025 guidance disappointments, it will only take “mild reassurance” regarding Cava’s underlying trends for the shares to have found a near-term bottom, the analyst tells investors in a research note.