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Sweetgreen (NYSE:SG) shares jumped more than 6% yesterday after Piper Sandler upgraded the company to Overweight from Neutral and raised its price target to $19 from $13, noting that margins are inflecting.
The analysts pointed out that restaurant-level margins (RLMs) appear to have stabilized, showing promising improvements in the future. Currently, the trailing 12-month RLMs stand at 15.2%, and the last week’s reported Q2 earnings demonstrated a sequential increase of approximately 40 bps.
Moreover, the analysts highlighted the uniqueness and potential of the technology behind the Infinite Kitchen, which has garnered investor interest due to the RLM reaching 26% in June. Furthermore, management anticipates a higher stabilized margin once the store reaches its full operational capacity.
TD Securities upgraded Nutrien (NYSE:NTR) to Buy from Hold and raised its price target to $83.00 from $72.00, as reported in real time on InvestingPro.
The company is set to report its Q2/23 earnings tomorrow after the market close. Street estimates stand at $2.83 for EPS and $11.08 billion for revenues.
Barclays upgraded Bath & Body Works (NYSE:BBWI) to Overweight from Equalweight and raised its price target to $45.00 from $41.00. Shares rose more than 1% pre-market today.
Verra Mobility (NASDAQ:VRRM) shares gained nearly 3% yesterday after Deutsche Bank upgraded the company to Buy from Hold and raised its price target to $26.00 from $21.00.
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