Analysts See Upto 37% Upside In First Watch Restaurant - First Watch Restaurant Gr (NASDAQ:FWRG)

Jefferies analyst Andy Barish initiated coverage on First Watch Restaurant Group Inc FWRG with a Buy rating and $30 price target, implying an upside of 37%.
Barish said First Watch's strong brand and unique "daytime dining" model can generate "best-in-class unit economics" and a solid margin profile.
Goldman Sachs analyst Jared Garber initiated coverage with a Buy rating and $26 price target, implying an 18.7% upside.
First Watch is a "unique," full-service breakfast and lunch concept with exposure to a growing day-part, limited national competition, and secular tailwinds from healthier lifestyles and suburban migration, Garber notes. The analyst sees a "long runway" for unit growth for the company.
Barclays analyst Jeffrey Bernstein initiated coverage with an Overweight rating and $26 price target.
Bernstein specifies that the company has a pipeline for 10%-plus unit growth and has consistently generated 6%-8% comp growth. While First Watch is a casual diner, it is appropriate to value the shares based on growth pillars and product offerings, states the analyst.
Stifel analyst Chris O'Cull initiated coverage of the company with a Buy rating and a $25 12-month price target.
Chris sees First Watch being on "solid footing to deliver healthy sales and earnings growth for several years."
BofA analyst Sara Senatore initiated coverage of First Watch Restaurant with a Buy rating and $30 price target, implying a 37% upside.
Citi analyst Sergio Matsumoto initiated coverage with a Neutral rating and a $24.50 price target.
Guggenheim analyst Gregroy Francfort initiated coverage with a Buy rating and $26 price target.
Piper Sandler analyst Nicole Miller Regan initiated coverage with an Overweight rating and $25 price target, implying a 14% upside. The analyst noted the brand has the ability to further disrupt morning meal behavior and expand the out-of-home breakfast daypart.
Cowen analyst Andrew Charles initiated coverage with a Market Perform rating and $21.50 price target, implying a 1.83% downside.
Price Action: FWRG shares closed higher by 1.96% at $21.90 on Tuesday.

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