First Watch Restaurant Group’s (FWRG) “Overweight” Rating Reaffirmed at Stephens

Stephens reaffirmed their overweight rating on shares of First Watch Restaurant Group (NASDAQ:FWRG) in a research note issued to investors on Wednesday,Benzinga reports. Stephens currently has a $18.00 price objective on the stock.

A number of other analysts also recently weighed in on FWRG. Weiss Ratings upgraded First Watch Restaurant Group from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, October 29th. Wall Street Zen raised First Watch Restaurant Group from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. DA Davidson reduced their price target on First Watch Restaurant Group from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, October 2nd. Citigroup decreased their price target on First Watch Restaurant Group from $20.00 to $19.00 and set a “buy” rating for the company in a research note on Wednesday, October 21st. Finally, Guggenheim lowered their price objective on First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, First Watch Restaurant Group currently has an average rating of “Buy” and an average price target of $17.90.

First Watch Restaurant Group Trading Down 1.0%

FWRG opened at $13.50 on Wednesday. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.27 and a quick ratio of 0.22. First Watch Restaurant Group has a fifty-two week low of $9.88 and a fifty-two week high of $18.77. The company’s 50 day moving average price is $11.39 and its two-hundred day moving average price is $12.42. The firm has a market capitalization of $833.09 million, a price-to-earnings ratio of 42.19, a PEG ratio of 61.56 and a beta of 1.00.

First Watch Restaurant Group (NASDAQ:FWRG) last released its quarterly earnings results on Tuesday, November 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.05. The firm had revenue of $349.86 million during the quarter, compared to the consensus estimate of $348.99 million. First Watch Restaurant Group had a net margin of 1.45% and a return on equity of 3.12%. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.05 earnings per share. As a group, research analysts predict that First Watch Restaurant Group will post 0.14 earnings per share for the current year.

Institutional Investors Weigh In On First Watch Restaurant Group

Several large investors have recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of First Watch Restaurant Group in the 2nd quarter worth about $58,445,000. Bank of New York Mellon Corp boosted its position in shares of First Watch Restaurant Group by 96.7% during the 1st quarter. Bank of New York Mellon Corp now owns 3,957,697 shares of the company’s stock valued at $41,477,000 after purchasing an additional 1,946,084 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in First Watch Restaurant Group during the second quarter worth approximately $49,291,000. Dimensional Fund Advisors LP grew its stake in First Watch Restaurant Group by 19.7% during the first quarter. Dimensional Fund Advisors LP now owns 3,084,886 shares of the company’s stock worth $32,328,000 after purchasing an additional 508,704 shares during the period. Finally, Lazard Asset Management LLC grew its stake in First Watch Restaurant Group by 9.5% during the first quarter. Lazard Asset Management LLC now owns 1,780,839 shares of the company’s stock worth $18,663,000 after purchasing an additional 154,018 shares during the period. 96.11% of the stock is currently owned by institutional investors and hedge funds.

First Watch Restaurant Group News Roundup

Here are the key news stories impacting First Watch Restaurant Group this week:

• Positive Sentiment: FWRG reported Q3 adjusted earnings of $0.08 per share, ahead of the $0.03 consensus and up from $0.05 a year earlier. Revenue rose 10.7% to $349.9 million, slightly exceeding estimates; net income was $4.8 million and adjusted EBITDA was $39.7 million. Q3 2026 financial results
• Positive Sentiment: Management updated its 2026 outlook and signaled longer-term expansion: it targets more than 15% annual adjusted EBITDA growth through 2028, about 60 net new system-wide restaurants in 2026, and roughly 55 openings in 2027. These targets support the growth case, though new-unit expansion will need to translate into sustained profitability. Growth and restaurant-opening targets
• Positive Sentiment: Stephens reaffirmed its “overweight” rating and $18 price target, signaling potential upside from the quoted $13.50 share price. Stephens rating
• Neutral Sentiment: Same-restaurant sales increased just 1.0%, a more modest result than the overall revenue growth. This may temper enthusiasm about underlying demand even as new restaurant openings contribute to expansion.

About First Watch Restaurant Group

First Watch Restaurant Group, Inc operates a daytime-focused restaurant concept serving breakfast, brunch and lunch. Its restaurants offer made-to-order meals such as omelets, pancakes, French toast, sandwiches, salads and bowls, along with fresh juices, coffee and other beverages. The company generally does not serve dinner, positioning its restaurants around the daytime dining occasion.

First Watch restaurants emphasize fresh preparation and seasonal menu offerings, including items made with eggs, fruits, vegetables and other ingredients prepared in the restaurant.