Cava Group jumps on Q2 sales growth, profit beat
BUZZ-Cava Group jumps on Q2 sales growth, profit beat
** Shares of restaurant chain Cava Group CAVA.N jump nearly 10% to $67.09 premarket
** Co on Tuesday reiterated its annual forecast after beating Wall Street estimates for Q2 sales and core profit, supported by strong demand
** Projects same-restaurant sales growth of 4.5%-6.5%, adjusted EBITDA of $181 million to $191 million
** Jefferies says CAVA's decision to reiterate its full-year guidance despite strong Q2 was appropriately cautious given recent trends
** Adds, underlying momentum remains strong, with new-store volumes and customer traffic potentially paving way for upside surprises
** 18 of 29 brokerages rate stock "buy" or higher, 10 "hold," 1 "sell" or lower; median PT is $95 - LSEG-compiled data
** As of last close, stock up about 3.5% YTD
(Reporting by Kanishka Ajmera in Bengaluru)
((mail to: Kanishka.Ajmera@thomsonreuters.com))