Mister Car Wash initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of Mister Car Wash with an Overweight rating and $11 price target. The analyst sees “more room to run” for the shares given the company’s attractive multi-year setup. Current share levels provide a “solid entry point” given Mister Car Wash’s sale drivers, reasonable 2024 expectations and share gain opportunities, the analyst tells investors in a research note.