- Goldman Sachs analyst Kate McShane downgraded Mister Car Wash Inc MCW to Sell from Neutral and reduced the price target to $10 (18% downside) from $12.
- The analyst thinks the nature of car wash demand is less defensive in the near term.
- In the current inflationary environment, customers will prefer to cancel their car wash memberships in favor of washing their vehicles at home, the analyst noted.
- McShane said there is a possibility of the churn rate going up as members are billed monthly and can cancel their membership at any time.
- Price Action: MCW shares are trading lower by 2.44% at $11.98 in premarket on the last check Monday.
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