Shares of salad restaurant chain Sweetgreen (NYSE: SG) soared on Thursday after an analyst explained why they believe the beaten-down stock has upside from here. As of 10:50 a.m. ET, Sweetgreen stock was up 12%, even though the S&P 500 was down 1.3%.

Sweetgreen went public in late 2021 and has dropped about 70% since. However, Bank of America analyst Katherine Griffin believes it has upside from here. According to StreetInsider, Griffin upgraded the restaurant stock from a neutral rating to a buy rating. And according to TipRanks, her new price target for Sweetgreen stock is $17 per share, representing about 16% additional upside from here.

Griffin is reportedly citing Sweetgreen's progress with automation as reason for her bullishness. For those unaware, Sweetgreen has over 185 restaurant locations, is expanding rapidly, and is looking to technology to help it scale efficiently.

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Source Fool.com