Sweetgreen upgraded to Buy from Hold at TD Cowen

TD Cowen upgraded Sweetgreen to Buy from Hold with a price target of $43, up from $31. The firm’s 2025 same-store-sales bridge for Sweetgreen suggests 2024’s strength will drive upside versus 2025 consensus estimates. In the medium term, TD estimates Infinite Kitchens can drive 70-140 basis points in annual margin expansion that exceeds consensus in 2025 through 2029. And longer term, its “bear/base/bull cases” for Infinite Kitchens suggest meaningful upside to 2030 adjusted EBITDA estimates, and prompts a greater total addressable market beyond the stated 1,000 U.S. locations.