UPDATE: Goldman Sachs Starts Mister Car Wash Inc. (MCW) at Neutral

Goldman Sachs analyst Kate McShane initiates coverage on Mister Car Wash Inc. (NYSE: MCW) with a Neutral rating and a price target of $23.00.

The analyst comments "Given unit growth is core to the MCW thesis, we evaluate the current saturation of car washes as well as location overlap between MCW and its largest competitors based on proprietary location data analytics. Our saturation analysis highlights that MCW operates in markets with an above peer average vehicle density per car wash, suggesting greater infill opportunity for the company. Also, overlap between MCW and its six largest competitors remains limited overall, highlighting less than 1% of MCW locations are within a one-mile radius of any specific peer, less than 5% for a 3-mile radius and less than 10% for a 5-mile radius, suggesting ample opportunity for continued consolidation of smaller operators and greenfield build."

For an analyst ratings summary and ratings history on Mister Car Wash Inc. click here. For more ratings news on Mister Car Wash Inc. click here.

Shares of Mister Car Wash Inc. closed at $20.02 yesterday.

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