On June 11, CAVA Group rose 5.51% in regular trading, trading at $87.01 per share, with turnover of $131 million. The rally was driven by UBS upgrading the stock from neutral to buy and raising its price target from $85 to $90.

UBS analyst Dennis Geiger cited strong first-quarter same-store sales growth and continued store expansion as key reasons for the upgrade. CAVA reported Q1 same-store sales growth of 9.7% year-over-year, with traffic contributing 6.8 percentage points. Total revenue rose 32.2% to $434.4 million, while net income reached $23.6 million. The company also raised its full-year same-store sales growth guidance to 4.5%-6.5%, up from the prior 3%-5% range, and lifted its adjusted EBITDA outlook to $181-191 million.

On expansion, CAVA reaffirmed plans to open 75-77 new restaurants this year, having already added 20 net new locations in Q1, bringing total count to 459. According to FactSet, CAVA carries an average analyst rating of overweight with a mean target price of $93.17.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)