Sweetgreen Up 30%+ as Analysts Boost Price Targets Following Chain's Q2 Results and 2024 Guidance
$Sweetgreen (SG.US)$ rose more than 30% intraday Friday after multiple analysts boosted their price targets for the quick-serve chain following the release of well-regarded Q2 results and forward guidance.
SG rose as much as 32.8% to a $34.85 intraday high after Citi, Morgan Stanley, Oppenheimer, RBC Capital, TD Cowen and UBS all boosted their price targets for the stock. Morgan Stanley also upgraded the stock to a "Hold" rating.
The boosts came after Sweetgreen reported after the bell Thursday that Q2 revenues grew 21% year over year to $184.6 million. The company also reduced its quarterly loss to $14.5 million during the latest period, down from $27.3 million in the same quarter last year.
Additionally, SG boosted its guidance for 2024 as a whole to $670 million-$680 million in revenues, 24-26 net new restaurant openings and $16 million-$19 million in EBITDA.
Here's a look at what analysts currently think of the stock:
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Jerry Kronenberg
Director of Financial Content
Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
1170
Followers
1113
Following
4186
Visitors
Follow