Sweetgreen Inc near 8-month high on BofA upgrade

SWEETGREEN

06/07/2023 15:33

(Updates)
    ** Restaurant chain operator Sweetgreen's  SG.N  shares rise
as much as ~15% to near-eight month high of $14.93
    ** Bank of America upgrades stock to "buy" from "neutral,
and raises PT to $17 from $9
    ** Brokerage expects demand at the urban fast-casual
restaurant to rise on the back of its menu innovation and
loyalty program Sweetpass
    ** SG's investment in automation to control labor costs is
expected to help narrow the company's margin gap to segment
leader Chipotle Mexican Grill  SMG.N , says BofA
    ** As of last close, Sweetgreen shares up ~52% YTD

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com))