First Watch Restaurant price target lowered to $18 from $21 at TD Cowen

TD Cowen lowered the firm’s price target on First Watch Restaurant (FWRG) to $18 from $21 and keeps a Buy rating on the shares. The firm, which notes that the company guided to 1%-3% same-store sales growth in 2026 along with its Q4 report, is lowering its own 2026 same-store sales growth forecast to 2% from 3%, but adds that it continues to view First Watch as “a high-quality long-term growth story that we believe is mis-priced.”