.September 11, 2024 04:10:00 PM

Argus analysts have raised their price target for CAVA Group Inc (NYSE:CAVA) to $128, up from $104, while maintaining a Buy rating on the stock. The positive outlook is based on CAVA’s strong position in the fast-casual restaurant market, especially in the Mediterranean cuisine segment. The company is well-positioned for expansion opportunities, supported by a solid business model and a seasoned leadership team. Analysts expect CAVA’s innovative menu offerings, like steak, to drive restaurant sales as more consumers seek protein-rich options. The stock has shown a bullish trend with consistent higher highs and higher lows, despite a brief dip after insider sales disclosures. CAVA is forecasted to have an impressive long-term growth rate of 18%. Although the stock’s valuation exceeds the industry average, analysts believe the company’s growth momentum and expansion plans make it a solid investment opportunity.