First Watch price target lowered to $20 at Barclays, says buy on weakness

Barclays lowered the firm’s price target on First Watch Restaurant (FWRG) to $20 from $24 and keeps an Overweight rating on the shares. While Q1 was “disappointing,” traffic returned to positive in March and was stronger in April, the analyst tells investors in a research note. Despite tempered 2025 EBITDA guidance, Barclays continues to view First Watch as a premier causal diner and is a buyer on the weakness.