Barclays lowered the firm’s price target on First Watch Restaurant (FWRG) to $20 from $24 and keeps an Overweight rating on the shares. While Q1 was “disappointing,” traffic returned to positive in March and was stronger in April, the analyst tells investors in a research note. Despite tempered 2025 EBITDA guidance, Barclays continues to view First Watch as a premier causal diner and is a buyer on the weakness.

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First Watch Reports Q1 2025 Revenue Growth First Watch Restaurant reports Q1 EPS (1c), consensus 3c First Watch Restaurant sees FY25 revenue growth ~20% FWRG Earnings Report this Week: Is It a Buy, Ahead of Earnings? First Watch Restaurant price target raised to $24 from $21 at Barclays

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