First Watch Restaurant price target raised to $26 from $21 at TD Cowen

TD Cowen raised the firm’s price target on First Watch Restaurant to $26 from $21 and keeps a Market Perform rating on the shares. The company’s 1%-3% 2024 same-store-sales guidance trailed the 3% consensus, though this was indicated to be a Q1 headwind from unfavorable weather and a calendar shift, with Q2 onwards anticipated to trend around the normalized 3.5%, the analyst tells investors in a research note. The firm is pleased with management expectations for off-premise traffic headwinds to level off in the second half to the year.