First Watch Restaurant Group Sees 6.9% Stock Surge

Analysts remain bullish on the company despite recent price target cuts

Published on Mar. 5, 2026

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Shares of First Watch Restaurant Group (NASDAQ:FWRG) rose 6.9% on Thursday, trading as high as $12.87 before closing at $12.78. The increase came on trading volume of 1,305,336 shares, down 24% from the average daily volume. Several Wall Street analysts have recently adjusted their price targets for the company, though most maintain a 'Buy' rating.

Why it matters

First Watch's stock performance and analyst sentiment provide insight into the broader restaurant industry, which has faced challenges in the post-pandemic environment. The company's ability to navigate economic headwinds and execute on its growth strategy will be closely watched by investors.

The details

Multiple analysts have adjusted their price targets for First Watch in recent weeks. TD Cowen decreased its target from $21 to $18, while Stephens cut its target from $24 to $21. However, the analysts maintained 'Buy' ratings on the stock. First Watch reported Q4 earnings on February 24, beating estimates with EPS of $0.24.

  • First Watch's stock price rose 6.9% on Thursday, March 5, 2026.
  • The company reported Q4 2025 earnings on February 24, 2026.

The players

First Watch Restaurant Group, Inc.

A specialty daytime dining concept focused on breakfast, brunch and lunch, with an emphasis on fresh ingredients and made-to-order entrees.

TD Cowen

An investment bank that decreased its price target for First Watch from $21 to $18 while maintaining a 'Buy' rating.

Stephens

An investment firm that cut its price target for First Watch from $24 to $21 while retaining an 'Overweight' rating.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.