Guggenheim Starts First Watch (FWRG) at Buy

Guggenheim analyst Gregory Francfort initiates coverage on First Watch (NASDAQ: FWRG) with a Buy rating and a price target of $26.00.

The analyst commented, "We initiate on First Watch Restaurant Group (ticker FWRG) with a Buy rating and $26 price target, primarily based on a 20-year discounted cash flow approach. The company is a 423-unit chain (79% company owned) with $1.8mn average unit volumes in the nascent “Daytime Dining” segment of the restaurant industry. We expect the brand to grow annually 10-12% in units with 3-4% same store sales, together supporting both low-double-digit unit and EBITDA growth."

For an analyst ratings summary and ratings history on First Watch click here. For more ratings news on First Watch click here.

Shares of First Watch closed at $21.48 yesterday.

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