First Watch Restaurant Group (NASDAQ:FWRG) Price Target Cut to $20.00 by Analysts at Guggenheim

Key Points

• Guggenheim cut First Watch Restaurant Group’s price target from $21 to $20 while maintaining a “buy” rating, implying approximately 60% upside from the $12.48 closing price.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $18.56, despite mixed recent rating changes.
• First Watch reported quarterly revenue of $354.67 million, up 15.2% year over year and above estimates, but earnings per share of $0.04 fell short of the $0.05 consensus forecast.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) had its price objective lowered by investment analysts at Guggenheim from $21.00 to $20.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Guggenheim's target price would suggest a potential upside of 60.26% from the stock's previous close.

Several other research firms also recently commented on FWRG. Weiss Ratings upgraded First Watch Restaurant Group from a "sell (d)" rating to a "sell (d+)" rating in a report on Tuesday. Citigroup lowered their target price on First Watch Restaurant Group from $21.00 to $20.00 and set a "buy" rating for the company in a report on Wednesday. Stephens reissued an "overweight" rating and set a $21.00 price target on shares of First Watch Restaurant Group in a research report on Wednesday, May 6th. TD Cowen restated a "buy" rating and set a $17.00 price target on shares of First Watch Restaurant Group in a research note on Wednesday, June 3rd. Finally, Wall Street Zen lowered shares of First Watch Restaurant Group from a "sell" rating to a "strong sell" rating in a research note on Saturday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, First Watch Restaurant Group has a consensus rating of "Moderate Buy" and an average price target of $18.56.

First Watch Restaurant Group Trading Up 0.2%

Shares of FWRG traded up $0.03 during mid-day trading on Friday, reaching $12.48. 253,663 shares of the company's stock traded hands, compared to its average volume of 1,490,043. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.27 and a quick ratio of 0.25. The stock's 50-day moving average is $12.10 and its two-hundred day moving average is $12.77. First Watch Restaurant Group has a 12 month low of $9.97 and a 12 month high of $19.53. The stock has a market cap of $770.14 million, a P/E ratio of 43.00, a P/E/G ratio of 8.02 and a beta of 1.03.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.01). First Watch Restaurant Group had a return on equity of 2.85% and a net margin of 1.35%.The business had revenue of $354.67 million for the quarter, compared to the consensus estimate of $351.57 million. During the same period in the prior year, the business posted $0.03 earnings per share. First Watch Restaurant Group's revenue was up 15.2% on a year-over-year basis. Research analysts forecast that First Watch Restaurant Group will post 0.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Rockefeller Capital Management L.P. bought a new stake in First Watch Restaurant Group during the fourth quarter valued at about $63,000. State of Wyoming bought a new position in First Watch Restaurant Group in the fourth quarter worth about $64,000. Kemnay Advisory Services Inc. purchased a new stake in shares of First Watch Restaurant Group during the fourth quarter valued at about $66,000. BNP Paribas Financial Markets lifted its position in shares of First Watch Restaurant Group by 61.9% during the second quarter. BNP Paribas Financial Markets now owns 4,375 shares of the company's stock valued at $70,000 after buying an additional 1,673 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of First Watch Restaurant Group by 17,042.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 5,657 shares of the company's stock valued at $85,000 after buying an additional 5,624 shares in the last quarter. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc NASDAQ: FWRG operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company's casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.

Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.

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