Sweetgreen Inc.: Tightening F26 estimates into 2Q results – Recommend staying opportunistic as headline volatility persists. Hosting CEO/CFO call Aug 10

Research evidence excerpt

Sweetgreen Inc.: Tightening F26 estimates into 2Q results – Recommend staying opportunistic as headline volatility persists. Hosting CEO/CFO call Aug 10

J P M O R G A N North America Equity Research

03 August 2026

Sweetgreen Inc.

Tightening F26 estimates into 2Q results – Recommend Overweight

staying opportunistic as headline volatility persists. SG, SG US

Hosting CEO/CFO call Aug 10 Price (31 Jul 26):$6.45

▼Price Target (Dec-27):$11.00

Prior (Dec-26):$13.00

Following today’s CDC update on cyclospora outbreak, and past few weeks’ observed

decline in sales and traffic trends – we update our SG estimates into 2Q26 results and Restaurants

lower our 2H26/F26/+ estimates – out of an abundance of caution. The psychological Rahul Krotthapalli AC

impact from these developments can often have a temporary but meaningful impact (1-212) 622-2408

on trajectory of full sales/traffic recovery despite in this specific case: 1) SG serves rahul.krotthapalli@jpmorgan.com

locally sourced lettuce (all sourced from the US), and never served iceberg lettuce – John Ivankoe

also clarified its supply chain lines weren’t part of the investigation, 2) ability to trace (1-212) 622-6487

john.ivankoe@jpmorgan.com

ingredients from restaurant to the specific farm, using regular third-party audits, and

Christabel Rocha

receiving fresh produce to stores almost daily, and 3) comments around improvement

(1-212) 622-9184

in trends from trough levels on recent calls (CMG, YUM) – since the first major dip christabel.rocha@jpmchase.com

in trends noted in 2H/late July. Our medium/long-term thesis for Sweetgreen’s J.P. Morgan Securities LLC

story doesn’t change at this point, and we recommend investors be opportunistic

in the near term.

Key Changes (FYE Dec)

Prev Cur Δ

Adj. EPS - 26E ($) (0.72) (0.78) -8.4%