Piper Sandler analyst Peter Keith upgraded Mister Car Wash to Overweight from Neutral with a price target of $12, up from $9. The analyst sees “notable upside” to consensus estimates over the next two years. The firm believes multiple expansion will be driven by from the rollout of Mister Car Wash’s new premium service Titanium 360. In addition, competitive openings are set to slow in 2024, which should ease some pressure on retail sales industry-wide, the analyst tells investors in a research note.
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