Piper Sandler Highlights First Watch (FWRG) as 'Top Full Service Pick'

Piper Sandler analyst Brian Mullan reiterated an Overweight rating and $23.00 price target on First Watch (NASDAQ: FWRG).

The analyst said: "Our Top Full Service pick in the here and now is OW-rated FWRG. Following a 2024 that saw traffic disappoint expectations and the shares down ~7%, we think the multiple is currently in an attractive place for the unit growth story here, which is still intact. Specifically, we have FWRG currently trading at sub 10x our 2026e adjusted EBITDA estimate, which is probably too cheap. With that said for context, we were also encouraged by some of the dining room traffic commentary given on the November call; so to the degree that said momentum can continue into 2025 here, we think that could prove to be a catalyst to get the stock “working again.” Our price target is $23, which represents ~18% upside from current levels, in our current base case thinking."

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 $19.38 yesterday.

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