First Watch (FWRG) PT Raised to $21 at TD Cowen

TD Cowen analyst Andrew Charles raised the price target on First Watch (NASDAQ: FWRG) to $21.00 (from $19.00) while maintaining a Buy rating.

The analyst commented: "We see slight downside to 2Q adj. EBITDA & risk that 2025E adj EBITDA guidance is lowered, though not by a large enough magnitude to materially alter consensus. Importantly, Bloomberg Second Measure data suggests improving SSS in recent months that we believe can overpower the soft margin narrative. We continue to view First Watch as a mispriced, high-quality growth concept."

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