Stephens raised the firm’s price target on First Watch Restaurant (FWRG) to $25 from $20 and keeps an Overweight rating on the shares after the company reported “mixed” Q3 results. Looking forward, the firm believes Hurricane Milton had less impact than initial fears as the revised sales guidance was relatively in-line with its expectations and believes the company should be in a good position to deliver FY24 same-store sales guidance. The firm calls the company’s potential for consistent low double-digit percentage growth “a rarity in the casual dining segment.”
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Read More on FWRG:
- First Watch Restaurant price target raised to $22 from $18 at Barclays
- First Watch Reports Mixed Q3 2024 Results
- First Watch Restaurant sees FY24 revenue growth 16.5%-17%
- First Watch Restaurant reports Q3 EPS 3c, consensus 4c
- First Watch Reports Revenue Growth and Expansion Plans
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
