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Research, Fundamental

CAVA-lanche: Snowballing Growth at a High Price – Initiate at Hold

Siye Desta, CFA, Equity Analyst

29 June 2023

Summary

We initiate STARS coverage on CAVA Group, Inc. (CAVA) with a Hold opinion and a 12-month target price of $45, calculated using a 6.0x FY2024 EV/sales, higher than its 2.7x restaurant peer average. We believe CAVA and the Mediterranean food category is set to see continued growth due to shifts in demographic trends and consumer preferences.

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