First Watch Restaurant price target lowered to $21 from $24 at Barclays

Barclays analyst Jeffrey Bernstein lowered the firm’s price target on First Watch Restaurant (FWRG) to $21 from $24 and keeps an Overweight rating on the shares. Q4 results offered margin and EBITDA upside, while comp was pre-announced better-than-expected, the analyst tells investors in a research note, adding that 1Q25 is challenged, though the 2025 guide assumes traffic returns positive. The firm added that it continues to view First Watch as a premier casual diner, with long-term guidance to deliver mid-teens top- and bottom-line growth.