CAVA Group Inc., the fast-casual Mediterranean restaurant chain, saw its stock price surge by 17.18% in pre-market trading on Wednesday after reporting robust third-quarter earnings and raising its annual outlook. The company exceeded both earnings and revenue expectations, demonstrating strong growth in both restaurant count and same-store sales. This impressive performance highlights CAVA’s strong position in the competitive fast-casual market.
Cava Group, the fast-casual Mediterranean restaurant chain, is seeing strong growth in revenue and unit expansion, leading Wedbush analyst Nick Setyan to reiterate his bullish stance. Setyan believes Cava’s stock, currently trading at all-time highs, has more room to run due to its positive trajectory and potential for continued success. He highlights the company’s robust same-store sales, aggressive store opening plans, and strong brand appeal as key drivers for future growth.
CAVA Group, a fast-casual restaurant chain, reported strong second-quarter earnings that beat analyst expectations, fueled by robust sales growth and a compelling value proposition. The company also raised its fiscal year 2024 adjusted EBITDA guidance and same-restaurant sales growth forecast, reflecting its positive outlook. Following the earnings announcement, several analysts upgraded their price targets on CAVA stock, signaling their confidence in the company’s performance.
