Citi Starts First Watch (FWRG) at Neutral

Citi analyst Sergio Matsumoto initiates coverage on First Watch (NASDAQ: FWRG) with a Neutral rating and a price target of $24.50.

The analyst commented, "Contemporary breakfast-concept restaurant First Watch (FWRG) offers robust growth opportunities from its on-trend brand positioning. Nonetheless, we initiate with a Neutral rating because the current 22x EV/EBITDA already reflects a fair growth premium in line with its comparables. FWRG benefits from a growing TAM as
breakfast is the only daypart with consistent secular growth. FWRG posted 6% SSS growth during the 6 years ending 2019 (pre-pandemic), which is a rare level of growth among chain restaurants."

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 $21.48 yesterday.

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