Argus raised the firm’s price target on Cava Group to $128 from $104 and keeps a Buy rating on the shares. The analyst cites the company’s Q2 earnings beat and guidance raise, with strong performance due in part to the June launch of grilled steak as a menu item, which the management sees as a profit driver for the year. Cava appears poised to take advantage of growth opportunities in its targeted Mediterranean niche as well as in the fast-casual segment of the restaurant industry, and the company has a profitable business model, a clean balance sheet, and an experienced management team, the firm tells investors in a research note.
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