TD Cowen lowered the firm’s price target on First Watch Restaurant (FWRG) to $17 from $18 and keeps a Buy rating on the shares. The company’s Q1 same-store sales of 2.8% beat the 1.7% consensus estimate, the analyst tells investors in a research note. The firm says that with First Watch facing harder comparisons in 2026, additional contributions from the new menu, marketing efforts and price are needed to achieve 2026 same-store sales guidance.
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Read More on FWRG:
- First Watch Raises 2026 EBITDA Outlook Amid Strong Growth
- First Watch Restaurant backs FY26 revenue view up 12%-14%
- First Watch Restaurant reports Q1 EPS (4c), consensus (3c)
- First Watch Restaurant price target lowered to $19 from $20 at BofA
- First Watch Restaurant price target lowered to $22 from $24 at Benchmark