JPMorgan initiated coverage of Mister Car Wash with a Neutral rating and $9.50 price target. The analyst believes Mister Car Wash is a “best-in-class operator with a structural real estate moat,” and should see resilient comps in 2024 given its greater than70% membership mix and new store maturation. However, the algorithm is becoming increasingly ticket-driven, and the stock is fairly valued relative to peers, the analyst tells investors in a research note.
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