Fintel reports that on October 17, 2024, Stephens & Co. initiated coverage of First Watch Restaurant Group (NasdaqGS:FWRG) with a Overweight recommendation.
Analyst Price Forecast Suggests 35.98% Upside
As of September 25, 2024, the average one-year price target for First Watch Restaurant Group is $22.49/share. The forecasts range from a low of $18.18 to a high of $26.25. The average price target represents an increase of 35.98% from its latest reported closing price of $16.54 / share.
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The projected annual revenue for First Watch Restaurant Group is 984MM, an increase of 2.00%. The projected annual non-GAAP EPS is 0.39.
What is the Fund Sentiment?
There are 356 funds or institutions reporting positions in First Watch Restaurant Group. This is an increase of 9 owner(s) or 2.59% in the last quarter. Average portfolio weight of all funds dedicated to FWRG is 0.18%, an increase of 14.86%. Total shares owned by institutions increased in the last three months by 6.61% to 78,428K shares. 
The put/call ratio of FWRG is 1.23, indicating a bearish outlook.
What are Other Shareholders Doing?
Advent International holds 27,190K shares representing 45.01% ownership of the company. No change in the last quarter.
Gilder Gagnon Howe & Co holds 3,068K shares representing 5.08% ownership of the company. In its prior filing, the firm reported owning 3,574K shares , representing a decrease of 16.49%. The firm decreased its portfolio allocation in FWRG by 38.61% over the last quarter.
Foxhaven Asset Management holds 2,020K shares representing 3.34% ownership of the company. No change in the last quarter.
Champlain Investment Partners holds 1,629K shares representing 2.70% ownership of the company.
Jpmorgan Chase holds 1,620K shares representing 2.68% ownership of the company. In its prior filing, the firm reported owning 17K shares , representing an increase of 98.93%. The firm increased its portfolio allocation in FWRG by 916.89% over the last quarter.
First Watch Restaurant Group Background Information
(This description is provided by the company.)
First Watch is a high-growth daytime restaurant concept serving made-to-order breakfast, brunch and lunch using fresh ingredients. A recipient of more than 300 local "Best Breakfast" and "Best Brunch" accolades, First Watch offers traditional favorites, such as pancakes, omelets, sandwiches and salads, alongside specialty items like Quinoa Power Bowls, Avocado Toast and the Chickichanga. First Watch was recognized as FSR Magazine’s Best Menu in 2021 and Nation’s Restaurant News’ top Consumer Pick in the breakfast category as well as the coffee category for its Project Sunrise coffee program in 2019. There are more than 420 First Watch restaurants in 29 states, and the restaurant concept is majority owned by Advent International, one of the world’s largest private-equity firms.
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