Restaurant Stock Surges Amid New Bullish Coverage

The stock has doubled its IPO price of $22

Deputy Editor
Jul 10, 2023 at 10:24 AM
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Wall Street newbie CAVA Group Inc (NYSE:CAVA) is 9.7% higher this morning, last seen trading at $43.45 after multiple brokerage firms initiated bullish coverage. Analysts are impressed that the restaurant chain's shares have doubled since its initial price offering (IPO) last month, and at least one highlighted the company's well-capitalized business model and market opportunity.

Jefferies and Stifel entered with a "buy" rating, JPMorgan Securities and Piper Sandler called it "overweight," and Morgan Stanley began with "equal weight," with price targets raging from $45 to $48. Meanwhile, Citigroup initiated coverage with a "neutral" rating, while Morgan Stanley set its price objective of $43.

Options traders are active this morning. Already, 3,727 calls and 2,838 puts have crossed the tape, or five times the average intraday volume. The most popular contract is the July 30 put.

Cava stock debuted on June 15, touching an all-time high of $47.89, indicating analysts' price targets are in the realm of possibility. The security is trading back above its 10-day moving average today, and now boasts a 5.8% quarter-to-date lead. 

 

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