MCW - Here's Why Mister Car Wash Stock Jumped Today
2023-10-13 14:04:21 ET
Shares of Mister Car Wash (NYSE: MCW) jumped on Friday after receiving a big upgrade from an analyst at a prominent firm. Prior to that jump in price, the stock was down by around 40% for 2023, and it hit an all-time low earlier this month. But shareholders are doing better Friday with Mister Car Wash stock up 7% as of 1:52 p.m. ET. It had been up as much as 13% earlier in the session.
Baird analyst Justin Kleber was the one speaking positively about Mister Car Wash stock. According to TipRanks, Kleber just upgraded the stock to an outperform rating and gave it a price target of $10 per share. That would amount to an upside of about 75% based on where the stock was trading as of this writing.
Kleber reportedly likes the potential catalyst for Mister Car Wash stock from its new Titanium product. The car wash company offers an unlimited car wash subscription plan that drives 70% of its revenue. In the second quarter of 2023, it rolled out its new Titanium product which protects vehicles and provides a mirror finish.
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Here's Why Mister Car Wash Stock Jumped Today