CAVA Group Inc. (CAVA) stock surged 5.01% in the pre-market trading session on Friday, driven by an analyst upgrade and positive outlook for the fast casual restaurant chain.
Piper Sandler analyst Brian Mullan upgraded CAVA to "Overweight" from "Neutral" and raised the price target to $115 from $142. The firm believes in the secular growth trend of the fast casual dining segment, and views CAVA as a compelling way for investors to gain exposure to this attractive market.
Mullan cited CAVA's strategic positioning and growth potential as key reasons for the upgrade. With its focus on Mediterranean cuisine and commitment to high-quality ingredients, the analyst sees CAVA as well-positioned to capitalize on consumer preferences for healthier and more diverse dining options.
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