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TD Cowen analyst Andrew Charles has maintained a Buy rating for First Watch Restaurant Group despite concerns about short-term EBITDA. He believes the company's promising outlook is supported by same-store sales improvement, favorable industry trends, and a robust marketing effort. Charles also notes that easing year-over-year comparisons in third-party delivery and potential upward revisions in future same-store sales estimates are positives.

TD Cowen analyst Andrew Charles has maintained a Buy rating for First Watch Restaurant Group (FWRG) despite concerns about short-term EBITDA. Charles believes the company's promising outlook is supported by several factors, including same-store sales improvement, favorable industry trends, and a robust marketing effort [1].

Andrew Charles notes that easing year-over-year comparisons in third-party delivery and potential upward revisions in future same-store sales estimates are additional positives. He also highlights the strong institutional interest in the company, with institutional investors and hedge funds owning 96.11% of the stock [2].

First Watch Restaurant Group reported a significant increase in its stock price, reaching $19.00 after a buy recommendation from TD Cowen analyst Andrew Charles. This positive outlook is supported by the company's recent performance and industry trends, making it an attractive investment opportunity for investors.

References:
[1] https://www.marketbeat.com/all-access/analyst-rankings/1104/
[2] https://www.marketbeat.com/instant-alerts/filing-bank-of-new-york-mellon-corp-has-397-million-position-in-first-watch-restaurant-group-inc-nasdaqfwrg-2025-07-26/