This restaurant chain specializing in salads is primed to surge nearly 50%, Oppenheimer says

The firm reiterated an outperform rating on the restaurant chain stock and listed it as a top pick.

Oppenheimer thinks Sweetgreen is poised for a breakout. Oppenheimer's $34 per share price target implies nearly 50% upside from Monday's $22.74 close. "We believe the model is in the early innings of a powerful earnings revision cycle," analyst Brian Bittner wrote on Monday. "Our work also suggests sales/margins in 2024E hold compelling catalysts against consensus, while the rollout of Infinite Kitchens adds a transformational lever starting in 2025 and beyond.

Bittner's note comes ahead of Sweetgreen's first-quarter report, slated for Thursday. Sweetgreen will also report first-quarter results on Thursday. Analysts polled by FactSet forecast a loss of 18 cents per share on revenue of $152 million. The analyst, however, sees Sweetgreen reporting a smaller-than-expected thanks to strong margins. "Valuation and speed bumps to mgmt.'s sales forecasts had kept us from being more actionable," continued.

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