The firm reiterated an outperform rating on the restaurant chain stock and listed it as a top pick.
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 Monday.
Bittner, however, sees Sweetgreen reporting a smaller-than-expected loss due to strong margins.
However, "our work suggests now is the time to get aggressive as the model transitions to sustainable EBITDA profitability starting in 2024."
Persons:
Oppenheimer, Sweetgreen, Brian Bittner, Sweetgreen's, Bittner
Organizations:
FactSet