Sweetgreen rises after BofA upgrades stock to 'Buy', sets Street-high PT

SWEETGREEN

06/07/2023 13:20

** Shares of restaurant company Sweetgreen  SG.N  up ~5% at
$13.76 premarket
    ** Bank of America upgrades stock to "buy" from "neutral,
and raises PT to Street-high of $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
    ** Up to last close, stock had risen ~52% YTD

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