Cava Group price target raised to $110 from $90 at Stifel

Stifel analyst Chris O’Cull raised the firm’s price target on Cava Group to $110 from $90 and keeps a Buy rating on the shares. The firm says expects Cava to report another strong quarter of same-restaurant-sales gains and new store performance. The firm believes the company’s Q2 results will provide evidence of the “organic flywheel effect created when a relevant brand offering craveable products builds consumer awareness through unit expansion.” Its review of mobile location data suggests the company saw traffic improve sequentially from Q1. Stifel believes Cava’s sales momentum is sustainable and recommends investors take advantage of any volatility created by short-term sentiment.