Are you looking to invest in the next big breakout stock? Oppenheimer thinks they have found just that with Sweetgreen. In a recent report, the firm reiterated an outperform rating on the restaurant chain stock and listed it as a top pick. With a price target of $34 per share, Oppenheimer’s analysts believe there is nearly 50% upside potential from Monday’s closing price of $22.74.
What makes Sweetgreen so attractive to investors right now? According to analyst Brian Bittner, the company is in the early stages of a powerful earnings revision cycle. Not only that, but the rollout of their Infinite Kitchen automated service project is set to revolutionize the way they operate and cut labor costs significantly.
Sweetgreen’s first-quarter report is coming up on Thursday, and while analysts are predicting a loss of 18 cents per share on revenue of $152 million, Bittner believes that the company will perform better than expected due to strong margins. This could be the perfect time to get aggressive with investing in Sweetgreen as they transition to sustainable profitability in 2024.
This year alone, Sweetgreen has seen its stock price soar by over 100%, with most of those gains coming after the company issued strong full-year guidance in March. With a compelling growth strategy in place, now may be the time to consider adding Sweetgreen to your investment portfolio.
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