Mister Car Wash initiated with a Neutral at BTIG

BTIG analyst Marvin Fong initiated coverage of Mister Car Wash (MCW) with a Neutral rating and no price target While the firm views Mister Car Wash as “an exceptionally strong operator in the U.S. car wash space” and also views positively the comapny’s top market share by revenue, experienced management team and disciplined approach to M&A and “excellent” unit economics, it calls Mister Car Wash “a good business that isn’t quite at the point where it will deliver good stock returns.”