DA Davidson starts First Watch Restaurant at Buy, sees est. upside for two years

As previously reported, DA Davidson initiated coverage of First Watch Restaurant (FWRG) with a Buy rating and $17 price target The company’s rapid expansion has provided clear evidence of geographic portability and good visibility on continued 10% unit growth, the analyst tells investors in a research note. With comps likely bolstered by several initiatives, the firm projects upside to consensus estimates over the next two years, DA Davidson added.