Sweetgreen upgraded to Buy from Neutral at Citi

Citi upgraded Sweetgreen (SG) to Buy from Neutral with a price target of $49, up from $44. The firm’s model of Infinite Kitchen unit growth “suggests room for substantial financial upside.” Citi believes management’s confidence in the financial benefits will start to shift the 2025 conversation around a key bear pushback – the value proposition. It sees a growing narrative around “weaponizing price” as a sentiment improver and driver of multiple expansion on top of positive estimate revisions moving through 2025.