TD Cowen analyst Andrew Charles upgraded First Watch Restaurant (FWRG) to Buy from Hold with a price target of $22, up from $21. The firm sees a favorable risk/reward for the shares as it expects 2025 to be an improved year of same-store-sales from more effective and higher levels of marketing. There are signs First Watch’s 2024 headwinds are dissipating, the analyst tells investors in a research note. TD sees a “clear path” to adjusted EBITDA upside with egg prices already well off their early March highs.
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