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U.S. stocks were higher, with the Dow Jones index falling around 300 points on Friday.
Shares of CAVA Group, Inc. rose sharply during Friday’s session as the company reported better-than-expected second-quarter financial results on Thursday.
Cava Group reported quarterly earnings of 17 cents per share which beat the analyst consensus estimate of 12 cents by 41.67%. Quarterly sales clocked in at $233.495 million, beating the analyst consensus estimate by 7% and representing a 35.05% increase from the same period last year.
CAVA Group jumped 17% to $119.37 on Friday.
Here are some other big stocks recording gains in today's session.
Now Read This:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Updates
** Shares of restaurant chain Cava Group CAVA.N up 12.5% at $114.62, its highest since co's IPO in June
** CAVA sees FY24 same restaurant sales growth of 8.5%-9.5%, aboveprior forecast of 4.5% to 6.5%
** Co's Q2 revenue rose 35.2% to $231.4 mln from $171.1 mln a year ago
** Reports Q2 adj. EPS of 17 cents vs estimates of 13 cents - LSEG data
** CAVA's Q2 same restaurant sales were up 14.4%, traffic grew 9.5%
** At least five brokerages raise their PT on stock
** "We view CAVA as one of a handful of publicly traded restaurants positioned to deliver positive annual transaction growth over the longer-term," says Wedbush analyst Nick Setyan
** Stifel says new unit growth will build brand awareness and CAVA's sales
** Majority of brokerages rate stock "buy" or higher; their median PT is $97.50 - LSEG
** As of previous close, CAVA stock has risen 142.8% since its debut at $42. Its IPO price was $22/shr
(Reporting by Nikhil Sharma and Juveria Tabassum in Bengaluru)
Mediterranean fast-casual restaurant company Cava Group has more upside with the stock at all-time highs thanks to revenue and unit growth, an analyst says after second-quarter financial results.
The CAVA Analyst: Wedbush analyst Nick Setyan reiterated an Outperform rating and raised the price target from $100 to $120.
The Analyst Takeaways: Fiscal year 20024 guidance from Cava could be conservative, Setyan said in a new investor note.
The analyst said Cava showed improved visibility on the short-term and long-term outlooks for the company's financials.
"We view CAVA as one of a handful of publicly traded restaurants positioned to deliver positive annual transaction growth over the longer-term, with realistic long-term revenue and unit growth targets," Setyan said.
Setyan said same-store sales (SSS) growth and EBITDA estimates from the company could prove to be conservative.
Read Also: Be Choosy When It Comes To Restaurant Stocks, But Pick This Fast-Casual Chain: Analysts
Cava reported SSS growth of 14.4% in the second quarter. The company's guidance for SSS was raised from a range of 4.5% to 6.5% to a new range of 8.5% to 9.5%. The analyst said this implies low double-digit SSS growth for the rest of 2024.
Setyan's full-year SSS growth estimate is 9.7%, up from 6.8%.
"We continue to view the maturation cycle of new units, CAVA's attractive value proposition, growth in advertising, increased brand awareness, menu innovation, growth in digital, a new loyalty program, and throughput-focused operational initiatives as drivers of SSS growth in the near- to medium-term."
Cava's unit growth guidance was raised to a new range of 54-57 for the full fiscal year. The analyst said new restaurants continue to exceed expectations for average unit volume and margins.
"Given our belief that CAVA is positioned to sustain positive transaction growth and to gain transaction share over the longer term, even relative to growth peers, we believe such a premium is justifiable."
Why It's Important: Cava's second-quarter results saw revenue and earnings per share each beat estimates from analysts.
SSS growth and new store openings continue to shine a bright light on the company and the stock, up 139% over the last year, as seen on the Benzinga Pro chart below.
"Our results in the second quarter continued to demonstrate the strength of our category-defining brand and our unique and compelling value proposition," Cava Group CEO Brett Schulman said.
The company went public in June 2023 at a price of $22 per share, up from a pricing range of $17 to $19. The company was valued at $2.5 billion at the time of its IPO and is now worth more than $11 billion.
Cava has often been compared to fast casual restaurant leader Chipotle Mexican Grill , sometimes earning the nickname of the "Mediterranean Chipotle."
When the company went public, it had around 260 locations. Around a year later, the company has 341 locations open and is opening stores at a high level of growth and seeing strong results from the new stores.
The company plans on having 1,000 stores open in the U.S. by 2032. Chipotle has over 3,000 stores in the U.S. for comparison.
Investors will be hoping Cava's stock can continue to perform like that of Chipotle. Shares of Chipotle are up 226% over the last five years and up more than 6,000% since going public in 2006.
CAVA Price Action: Cava stock is trading up Friday by 14.04% at $115.93 Friday, versus a previous 52-week trading range of $29.05 to $117.33. The stock is up 187.23% year-to-date in 2024.
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The S&P 500 Index today is up +0.57%, the Dow Jones Industrials Index is up +0.50%, and the Nasdaq 100 Index is up +0.74%.
US stocks today are moderately higher ahead of a much-anticipated speech by Fed Chair Powell at the Fed’s annual symposium in Jackson Hole, Wyoming. The markets will look to see if Powell validates expectations for a September rate cut and whether he offers any indication of how big any rate cut might be.
Some positive corporate news is also giving stocks a lift. Workday is up more than +12% after reporting better-than-expected Q2 adjusted EPS and saying it would sharply increase profitability over the next three years. Also, Ross Stores is up more than +5% after reporting Q2 EPS above consensus and raising its 2025 EPS forecast. In addition, Intuit is up more than +2% after reporting stronger-than-expected Q4 net revenue and announcing a new $3 billion share repurchase authorization.
Dovish comments today from Atlanta Fed President Bostic knocked T-note yields lower and boosted stocks when he said it is possible that more than one interest rate cut by the Fed may now be needed by year-end as inflation had slowed more than he had expected.
The markets are discounting the chances at 100% for a -25 bp rate cut for the September 17-18 FOMC meeting and at 30% for a -50 bp rate cut at that meeting.
Overseas stock markets today are higher. The Euro Stoxx 50 rose to a 1-month high and is up +0.30%. China's Shanghai Composite recovered from a 6-1/2 month low and closed up +0.40%. Japan's Nikkei Stock 225 climbed to a 3-week high and closed up +0.40%.
Interest Rates
September 10-year T-notes (ZNU24) today are up +5 ticks. The 10-year T-note yield is down -1.9 bp at 3.833%. Dovish comments today from Atlanta Fed President Bostic gave T-notes a boost when he said more than one interest rate cut by the Fed may be needed by year-end. Also, some mild short covering is pushing T-notes higher ahead of Fed Chair Powell’s speech at Jackson Hole, Wyoming later this morning. Strength in stocks today is limiting the upside in T-notes.
European government bond yields today are lower. The 10-year German bund yield is down -0.3 bp at 2.241%. The 10-year UK gilt yield fell from a 1-1/2 week high of 3.964% and is down -1.6 bp at 3.944%.
The ECB's Eurozone July 1-year inflation expectations indicator was unchanged from June at 2.8%, stronger than expectations of an easing to 2.7%. Also, July 3-year inflation expectations indicator unexpectedly rose to 2.4% from 2.3% in June, stronger than expectations of no change at 2.3%.
ECB Governing Council member Vujcic said, "As long as data fall in line with our projections, which foresee inflation to fall to 2% in 2025, that increases confidence that we can gradually ease the restrictiveness of our monetary policy."
Swaps are discounting the chances of a -25 bp rate cut by the ECB at 97% for the September 12 meeting.
US Stock Movers
Chip stocks are climbing today and supporting gains in the broader market. Nvidia , Marvell Technology , and GlobalFoundries are up more than +2%. Also, ON Semiconductor , NXP Semiconductors NV , Microchip Technology , KLA Corp , and Texas Instruments are up more than +1%.
Workday is up more than +13% to lead gainers in the Nasdaq 100 after reporting Q2 adjusted EPS of $1.75, above the consensus of $1.64, and said it would increase profitability over the next three years to enable strategic investments.
Ross Stores is up more than +6% to lead gainers in the S&P 500 after reporting Q2 EPS of $1.59, stronger than the consensus of $1.49, and raising its 2025 EPS forecast to $6.00-$6.13 from a previous estimate of $5.79-$5.98, above the consensus of $6.01.
Moderna is up more than +3% after the European Commission approved the company’s RSV vaccinee Mresvia for use in 27 EU member states.
Cava Group is up more than +11% after boosting its full-year restaurant comparable sales forecast to +8.5% to +9.5% from a previous estimate of +4.5% to +6.5%, well above the consensus of +6.05%.
Roku Inc is up more than +6% after Guggenheim Securities upgraded the stock to buy from neutral with a price target of $75.
Chewy is up more than +1% after Piper Sandler upgraded the stock to overweight from neutral with a price target of $35.
Intuit is down more than -5% to lead losers in the S&P 500 and Nasdaq 100 after forecasting Q1 adjusted EPS of $2.33-$2.38, well below the consensus of $2.80.
GE Vernova is down more than -4% after reports of a blade failure occurred at the Dogger Bank A offshore wind farm.
Las Vegas Sands is down more than -1% after UBS downgraded the stock to neutral from buy, noting the recovery in the company’s Macau business is getting more protracted.
Paramount Global is down more than -1% after Skydance Media accused the company of breaching the terms of their merger agreement by continuing to engage with other suitors.
Earnings Reports (8/23/2024)
Aviat Networks Inc (AVNW), Buckle Inc/The (BKE), Dakota Gold Corp (DC), Dakota Gold Corp (DC), Movado Group Inc (MOV).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
CAVA Group, Inc. reported better-than-expected second-quarter financial results on Thursday.
Cava Group reported quarterly earnings of 17 cents per share which beat the analyst consensus estimate of 12 cents by 41.67%. Quarterly sales clocked in at $233.495 million, beating the analyst consensus estimate by 7% and representing a 35.05% increase from the same period last year.
"Our results in the second quarter continued to demonstrate the strength of our category-defining brand and our unique and compelling value proposition," said Brett Schulman, Cava Group's CEO.
Cava raised its fiscal year 2024 adjusted EBIDTA guidance from a range of $100 million to $105 million to a range of $105 million to $114 million and raised its same-restaurant sales growth forecast from between 4.5% and 6.5% to between 8.5% and 9.5%.
CAVA Group shares fell 0.9% to close at $101.98 on Thursday.
These analysts made changes to their price targets on CAVA Group following earnings announcement.
Considering buying CAVA stock? Here’s what analysts think:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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