• Jefferies analyst Andy Barish initiated coverage on First Watch Restaurant Group Inc (NASDAQ: FWRG) with a Buy rating and $30 price target, implying an upside of 37%.

• Barish said First Watch's strong brand and unique "daytime dining" model can generate "best-in-class unit economics" and a solid margin profile.

• Goldman Sachs analyst Jared Garber initiated coverage with a Buy rating and $26 price target, implying an 18.7% upside.

• First Watch is a "unique," full-service breakfast and lunch concept with exposure to a growing day-part, limited national competition, and secular tailwinds from healthier lifestyles and suburban migration, Garber notes. The analyst sees a "long runway" for unit growth for the company.

• Barclays analyst Jeffrey Bernstein initiated coverage with an Overweight rating and $26 price target.

• Bernstein specifies that the company has a pipeline for 10%-plus unit growth and has consistently generated 6%-8% comp growth. While First Watch is a casual diner, it is appropriate to value the shares based on growth pillars and product offerings, states the analyst.

• Stifel analyst Chris O'Cull initiated coverage of the company with a Buy rating and a $25 12-month price target.

• Chris sees First Watch being on "solid footing to deliver healthy sales and earnings growth for several years."

• BofA analyst Sara Senatore initiated coverage of First Watch Restaurant with a Buy rating and $30 price target, implying a 37% upside.

• Citi analyst Sergio Matsumoto initiated coverage with a Neutral rating and a $24.50 price target.

• Guggenheim analyst Gregroy Francfort initiated coverage with a Buy rating and $26 price target.

• Piper Sandler analyst Nicole Miller Regan initiated coverage with an Overweight rating and $25 price target, implying a 14% upside. The analyst noted the brand has the ability to further disrupt morning meal behavior and expand the out-of-home breakfast daypart.

• Cowen analyst Andrew Charles initiated coverage with a Market Perform rating and $21.50 price target, implying a 1.83% downside.

• Price Action: FWRG shares closed higher by 1.96% at $21.90 on Tuesday.

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