First Watch Restaurant price target lowered to $23 from $24 at Stephens

Stephens lowered the firm’s price target on First Watch Restaurant (FWRG) to $23 from $24 and keeps an Overweight rating after shares closed out a volatile day of trading down about 18% following a modest top-line and bottom-line miss in Q1. Bears may argue that traffic gains are being bought through margin-dilutive promotions, but the firm sees First Watch “leaning back into its service-led roots” and remains constructive, though acknowledges that “the macro lever has taken control of the narrative in the near term.”