1418 ET - Cava Group, like best-in-class chains Chipotle Mexican Grill and Texas Roadhouse, has had persistent growth and rising returns, according to BofA, which initiates Cava at buy with a $112 price objective. Cava is targeting 1,000 domestic restaurants, compared with 367 as of Dec. 27, but "saturation analysis suggests the country could support more than twice as many (2,200)," BofA says. "CAVA spends far less on advertising as a percent of restaurant sales than fast casual peers, suggesting the opportunity to increase awareness through marketing over time," the firm says. "As CAVA stock has sold off on concerns about consumer health - despite evidence of generally stable restaurant demand - we see a compelling buying opportunity," BofA says. Shares rise 0.6% to $86.41, but are down about 23% this year. (josh.beckerman@wsj.com)
(END) Dow Jones Newswires
March 31, 2025 14:19 ET (18:19 GMT)
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