Guggenheim lowered the firm’s price target on First Watch Restaurant (FWRG) to $22 from $23 and keeps a Buy rating on the shares. First Watch reported “a relatively OK comp quarter” with traffic improving, but margin flow-through was pressured and management cut full year profit guidance by 8%, says the analyst, who takes the firm’s EBITDA estimate to $115M, which is within the lower half of the guidance range.
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Read More on FWRG:
- First Watch Restaurant price target lowered to $17 from $18 at Stifel
- First Watch Restaurant price target lowered to $22 from $26 at Benchmark
- First Watch Restaurant price target lowered to $21 from $25 at Raymond James
- First Watch Restaurant price target lowered to $20 from $23 at Piper Sandler
- First Watch Restaurant price target lowered to $23 from $24 at Stephens