FWRG - First Watch rallies after posting strong results in its first post-IPO earnings report

First Watch Restaurant Group (NASDAQ:FWRG) gains after topping estimates with its first earnings report as a publicly-traded company. First Watch (FWRG) reported same-restaurant sales growth of 46.2% and ame-restaurant traffic growth of 40.1%. Adjusted EBITDA was $17.0M vs. $2.6M a year ago. Labor and other related expenses for the quarter was 32.6% of restaurants sales vs. 34.7% during the same period in 2020 and 35.2% during the same period in 2019. Bank of America reiterates a Buy rating on First Watch (FWRG) after taking in the earnings report. The firm apply a 21X multiple to the F23 EBITDA estimate to compute a $30 price objective that reps 45% upside potential. Shares of FRWG are up 2.47% premarket to $21.20 after the IPO was priced on October 1 at $18 per share.

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First Watch rallies after posting strong results in its first post-IPO earnings report