Benchmark Reiterates Buy Rating on First Watch (FWRG), Lowers Q4 Revenue Estimate

Benchmark analyst Todd M. Brooks reiterated a Buy rating and $24.00 price target on First Watch (NASDAQ: FWRG).

The analyst commented, "Given the broader 4Q25 traffic slowdown that we saw in the restaurant space that started in the Black Friday week and largely continued through the month of December, we are lowering our 4Q25 SSS assumption for FWRG to 3%, (vs. 4% prior) reflecting Placer AI traffic data analysis. In late quarter discussions with management, FWRG didn’t call out any specific regional or demographic pressures on their business in 2H4Q but emphasized that the concept is unable to fully dislocate from current diminished macro-impacted traffic trends seen in late 4Q25 by most all of the full-service dining concepts that we track in Placer AI. The 100bps cut to 4Q SSS expectations has us lowering our revenue estimate to $318M from $321M prior, while slightly lower pre-opening expense and G&A spend allows us to maintain our prior estimates for EPS of $0.06 and AEBITDA of $35M."

For an analyst ratings summary and ratings history on First Watch click here. For more ratings news on First Watch click here.

Shares of First Watch closed at $16.07 yesterday.

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