CAVA Group beat first quarter expectations with adjusted EPS of 22 cents vs. 14-cent estimates and revenue of $331.83 million, up 28.2% year-over-year, according to Benzinga. The Mediterranean fast-casual chain reported same-restaurant sales growth of 10.8% and traffic growth of 7.5%, driven in part by 15 new restaurant openings. Cava raised its fiscal year guidance to 64 to 68 new locations and 6% to 8% same-restaurant sales growth. TD Securities, Baird, and Citigroup raised or reaffirmed price targets, while Stifel and JP Morgan lowered theirs. The average price target is $116.53, with a range of $48 to $150. Shares are down 2.68% over the past three months.
