First Watch Restaurant price target raised to $25 from $20 at Stephens

Stephens raised the firm’s price target on First Watch Restaurant (FWRG) to $25 from $20 and keeps an Overweight rating on the shares after the company reported “mixed” Q3 results. Looking forward, the firm believes Hurricane Milton had less impact than initial fears as the revised sales guidance was relatively in-line with its expectations and believes the company should be in a good position to deliver FY24 same-store sales guidance. The firm calls the company’s potential for consistent low double-digit percentage growth “a rarity in the casual dining segment.”