First Watch Restaurant price target lowered to $21 from $25 at Raymond James

Raymond James analyst Brian Vaccaro lowered the firm’s price target on First Watch Restaurant (FWRG) to $21 from $25 and keeps a Strong Buy rating on the shares. The stock’s 18% decline following the Q1 results is “overdone,” the analyst tells investors in a research note. The company seems to be operating from a position of strength with store margins that will remain best-in-class among full service peers even after investments in the guest experience, the firm says.