Mister Car Wash downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler downgraded Mister Car Wash (MCW) to Neutral from Overweight with a price target of $6, down from $8. The company’s comp trends “have turned sluggish” and its compares for Q4 and Q1 “are quite tough,” the analyst tells investors in a research note. Piper sees potential for Mister Car Wash to post negative comp trends in the next two quarters. In addition, the company’s members per store have declined year-over-year for six consecutive quarters “with no end in sight,” adds Piper.