TD Cowen Has Lowered Expectations for First Watch Restaurant Group (NASDAQ:FWRG) Stock Price

Posted by Amy Steele on Feb 24th, 2026

First Watch Restaurant Group (NASDAQ:FWRG – Get Free Report) had its price objective lowered by equities researchers at TD Cowen from $21.00 to $18.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price objective would indicate a potential upside of 36.53% from the stock’s current price.

A number of other equities analysts have also weighed in on FWRG. Barclays dropped their price objective on First Watch Restaurant Group from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. Zacks Research upgraded First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 10th. Weiss Ratings reissued a “hold (c-)” rating on shares of First Watch Restaurant Group in a research report on Monday, December 29th. Finally, Wall Street Zen upgraded First Watch Restaurant Group from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, First Watch Restaurant Group currently has an average rating of “Moderate Buy” and a consensus price target of $20.64.

Read Our Latest Stock Report on FWRG

First Watch Restaurant Group Stock Down 14.9%

NASDAQ FWRG traded down $2.32 during mid-day trading on Tuesday, reaching $13.18. The stock had a trading volume of 3,710,548 shares, compared to its average volume of 1,406,301. First Watch Restaurant Group has a 1 year low of $12.90 and a 1 year high of $21.99. The company has a fifty day moving average price of $16.14 and a 200 day moving average price of $16.85. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.25 and a quick ratio of 0.21. The stock has a market cap of $804.62 million, a PE ratio of 166.90, a price-to-earnings-growth ratio of 2.90 and a beta of 0.88.

First Watch Restaurant Group (NASDAQ:FWRG – Get Free Report) last announced its quarterly earnings results on Tuesday, February 24th. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.16. First Watch Restaurant Group had a net margin of 0.42% and a return on equity of 0.83%. The firm had revenue of $316.35 million during the quarter, compared to analyst estimates of $317.49 million. During the same period in the previous year, the business posted $0.01 earnings per share. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, research analysts expect that First Watch Restaurant Group will post 0.32 earnings per share for the current year.

Insider Activity

In other news, Director William A. Kussell sold 6,165 shares of the company’s stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $17.00, for a total transaction of $104,805.00. Following the transaction, the director owned 26,402 shares in the company, valued at $448,834. This represents a 18.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 6.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Stephens Investment Management Group LLC boosted its stake in shares of First Watch Restaurant Group by 21.2% during the third quarter. Stephens Investment Management Group LLC now owns 932,064 shares of the company’s stock valued at $14,577,000 after acquiring an additional 163,102 shares during the last quarter. Catalyst Funds Management Pty Ltd purchased a new position in First Watch Restaurant Group in the 2nd quarter valued at about $306,000. Armistice Capital LLC purchased a new position in First Watch Restaurant Group in the 2nd quarter valued at about $5,614,000. Geode Capital Management LLC boosted its stake in shares of First Watch Restaurant Group by 4.2% during the 2nd quarter. Geode Capital Management LLC now owns 1,022,752 shares of the company’s stock worth $16,407,000 after purchasing an additional 40,823 shares during the last quarter. Finally, Loomis Sayles & Co. L P purchased a new stake in shares of First Watch Restaurant Group during the second quarter worth about $18,350,000. 96.11% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about First Watch Restaurant Group

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

Positive Sentiment: Q4 EPS materially beat expectations — First Watch reported $0.24 EPS vs. a $0.08 consensus and $0.01 a year ago; quarterly revenue rose ~20.2% year-over-year to $316.35M, showing solid top-line growth. First Watch Restaurant Group, Inc. (FWRG) Tops Q4 Earnings and Revenue Estimates
Neutral Sentiment: Company issued a 2026 outlook in its regulatory release; headline revenue guidance points toward roughly $1.4B but the published guidance text in feeds is unclear — investors will look to management commentary on margins, comps and unit growth for clarity. UPDATE – First Watch Restaurant Group, Inc. Reports 2025 Financial Results and Provides Outlook for 2026
Negative Sentiment: Chief Financial Officer Mel Hope announced he will retire later this year; while the company expects a planned transition, CFO departures can raise short-term uncertainty about financial execution and guidance credibility. First Watch Restaurant Group, Inc. Announces Retirement of Chief Financial Officer Mel Hope and Transition Plan
Negative Sentiment: Revenue slightly missed the consensus ($316.35M vs. $317.49M) and margins remain thin (net margin ~0.4%); combined with a high P/E and tight liquidity ratios, valuation and profitability concerns may pressure the stock despite the EPS beat. First Watch earnings and supplemental materials

About First Watch Restaurant Group

(Get Free Report)

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.