Analyst Price Targets — FWRG
| Date | Analyst | Firm | Target | Price @ Post | Source | Headline |
|---|---|---|---|---|---|---|
| February 24, 2026 7:42 pm | Brian Mullan | Piper Sandler | $19.00 | $12.32 | TheFly | First Watch Restaurant price target lowered to $19 from $22 at Piper Sandler |
| January 7, 2026 11:39 am | — | Barclays | $19.00 | $15.90 | TheFly | First Watch Restaurant price target lowered to $19 from $21 at Barclays |
| May 7, 2025 5:34 pm | Chris O'Cull | Stifel Nicolaus | $17.00 | $15.99 | TheFly | First Watch Restaurant price target lowered to $17 from $18 at Stifel |
| May 7, 2025 11:36 am | Brian Vaccaro | Raymond James | $21.00 | $15.33 | TheFly | First Watch Restaurant price target lowered to $21 from $25 at Raymond James |
| May 7, 2025 11:16 am | Brian Mullan | Piper Sandler | $20.00 | $15.33 | TheFly | First Watch Restaurant price target lowered to $20 from $23 at Piper Sandler |
| April 22, 2025 10:25 am | — | Barclays | $24.00 | $19.88 | TheFly | First Watch Restaurant price target raised to $24 from $21 at Barclays |
| March 11, 2025 5:37 pm | Jeffrey Bernstein | Bernstein | $21.00 | $16.83 | TheFly | First Watch Restaurant price target lowered to $21 from $24 at Barclays |
| November 11, 2024 12:17 pm | Brian Mullan | Piper Sandler | $23.00 | $17.66 | StreetInsider | First Watch (FWRG) PT Raised to $23 at Piper Sandler |
| October 16, 2024 4:06 pm | Jim Salera | Stephens | $20.00 | $14.97 | StreetInsider | Stephens Starts First Watch (FWRG) at Overweight |
| July 2, 2024 6:30 am | Chris O'Cull | Stifel Nicolaus | $18.00 | $16.95 | TheFly | First Watch Restaurant price target lowered to $18 from $22 at Stifel |
Latest News for FWRG
First Watch Restaurant Group, Inc. remains a Hold as growth slows, with FY 2026 guidance disappointing versus prior expectations. FWRG's same-store sales growth is projected to decelerate to 1–3%, and adjusted EBITDA margin guidance implies no operational leverage gains. Valuation remains stretched at 55.9x FY 2026 P/E, with fair value estimated in the low teens and limited upside or downside asymmetry.
First Watch Restaurant Group, Inc. (FWRG) Q4 2025 Earnings Call Transcript
First Watch grew revenue by 20% in Q4 and tripled analysts' expectations for earnings per share. However, its soft 2026 guidance amid broader macroeconomic pressures sent shares down.
While the top- and bottom-line numbers for First Watch Restaurant Group (FWRG) give a sense of how the business performed in the quarter ended December 2025, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
First Watch Restaurant Group, Inc. (FWRG) came out with quarterly earnings of $0.24 per share, beating the Zacks Consensus Estimate of $0.08 per share. This compares to earnings of $0.01 per share a year ago.
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