Sweetgreen surges after Q1 rev beat

SWEETGREEN

10/05/2024 14:02

** Sweetgreen's  SG.N  shares surge ~22% premarket to
$28.72, highest since Apr 2022, after restaurant chain's qtrly
rev tops expectations
    ** Co late Thurs reported Q1 rev of ~$158 mln, up 26% yr/yr,
above LSEG consensus estimate of $152 mln
    ** Rev increase primarily due to $21.1 mln of incremental
rev associated with 41 net new restaurant openings during or
subsequent to fiscal Q1 of 2023, co said
    ** For FY 2024, it projected rev of $660-$675 mln and
same-store sales to increase 4%-6%
    ** Reacting to report, RBC hikes PT from $20 to Street-high
$35, per LSEG, and TD Cowen boosts PT from $22 to $26
    ** 6 of 9 brokerages rate SG "strong buy" or "buy", 2 rate
"hold", while 1 has "sell" recommendation; median PT is $25
    ** Stock ended 2023 at $11.30

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))