CAVA opens first Miami location in Brickell, plans further expansion

MIAMI - Mediterranean fast-casual restaurant chain CAVA (NYSE:CAVA), which currently maintains a market capitalization of $7.3 billion and has demonstrated strong revenue growth of 28% over the last twelve months, opened its first Miami location in Brickell on Friday, marking its third restaurant in South Florida this year.

The new 2,700-square-foot restaurant at 801 Brickell Avenue features dining room and patio seating, along with digital order pick-up and delivery options. This follows earlier openings in Hialeah and Plantation.

"We’re honored to join such a vibrant neighborhood and welcome the Brickell community to our table," said Jeff Gaul, Chief Development Officer of CAVA, according to a press release statement.

Prior to the official opening, CAVA held a Community Day event on Thursday, raising funds for Good Neighbors Florida, a nonprofit focused on addressing food insecurity. The company matched donations up to $1,000, continuing a program that has raised over $1 million in monetary and food donations since 2019. According to InvestingPro data, CAVA maintains a strong financial position with liquid assets exceeding short-term obligations and operates with a moderate level of debt.

The Brickell location will employ between 25-40 local workers and operate daily from 10:30 a.m. to 10:30 p.m. The restaurant offers Mediterranean-inspired menu items where customers can choose chef-curated meals or build their own bowls and pitas.

CAVA recently opened its 400th location nationwide and currently operates in 28 states and the District of Columbia. The company has announced plans to open additional South Florida restaurants later this year as part of its target to reach at least 1,000 restaurants by 2032.

The Mediterranean chain went public in 2023 and trades on the New York Stock Exchange under the ticker CAVA. Currently trading near its InvestingPro Fair Value, the stock has attracted significant analyst attention, with price targets ranging from $72 to $125 per share. InvestingPro subscribers have access to 14 additional key insights about CAVA’s valuation and growth prospects, along with comprehensive analysis in the Pro Research Report, which transforms complex financial data into actionable intelligence.

In other recent news, CAVA Group has been the focus of several analyst reports and market developments. Jefferies reiterated its Buy rating on CAVA Group, maintaining a $100 price target, and described the recent stock pullback as a buying opportunity. Meanwhile, CFRA lowered its price target for CAVA Group to $120 from $148, citing expectations of slower comparable sales growth due to softer consumer spending. Bernstein SocGen Group also adjusted its price target to $100 from $115, pointing to concerns about negative same-store sales growth in new locations. Additionally, TD Cowen reduced its price target to $90 from $120, expressing concerns about the sales maturation trajectory of new stores. These adjustments follow a critical report that questioned the value proposition of bowl-based meal offerings, contributing to a decline in shares of major fast-casual chains, including CAVA Group. Despite these challenges, Jefferies remains optimistic about CAVA’s long-term prospects.

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