First Watch (FWRG) PT Raised to $23 at Guggenheim

Guggenheim analyst Gregory Francfort raised the price target on First Watch (NASDAQ: FWRG) to $23.00 (from $22.00) while maintaining a Buy rating.

The analyst commented, "We are updating our estimates and price target on First Watch Restaurant Group. We take our 2024 EBITDA up from $99mn to $104mn, a couple percent above consensus. We think that continued traffic share gains and a reasonable stock multiple support stock price outperformance going forward. We raise our price target to $23 from $22, which remains 15x EV/EBITDA on unadjusted 2024 figures. While liquidity issues persist, we think that these should abate over the coming quarters, also helping to unlock further outperformance in shares."

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