Wells Fargo Maintains 'Equal Weight' Rating on Mister Car Wash

Analysts reiterate $7.00 target price as private equity firm plans to take company private

Feb. 22, 2026 at 5:15pm

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Wells Fargo & Company has reiterated an "equal weight" rating and $7.00 target price on shares of Mister Car Wash (NYSE: MCW). This comes as the company announced that private equity firm Leonard Green & Partners plans to acquire Mister Car Wash for approximately $3.1 billion in enterprise value, or $7.00 per share.

Why it matters

The reiteration of the 'equal weight' rating and $7.00 target price suggests Wells Fargo believes the proposed acquisition price is fair, even as other analysts investigate whether the deal provides full value for shareholders. The planned privatization by Leonard Green & Partners, which already owns a 67% stake in Mister Car Wash, is seen as the key catalyst behind the recent stock price increase.

The details

In its research report, Wells Fargo noted Mister Car Wash's solid fourth quarter and full-year 2025 results, including 4% revenue growth in Q4 to $261.2 million and over $1 billion in annual revenue for the first time. The company also saw a 10% increase in adjusted EBITDA in Q4 and 8% for the full year, along with a 7% rise in unlimited wash club memberships to around 2.3 million. However, the company did cancel its earnings call and did not provide a 2026 outlook, citing the pending privatization transaction.

  • On February 18, 2026, Wells Fargo reiterated its 'equal weight' rating and $7.00 target price on Mister Car Wash.
  • On February 18, 2026, Mister Car Wash announced that private equity firm Leonard Green & Partners plans to acquire the company for approximately $3.1 billion in enterprise value.

The players

Wells Fargo & Company

A major American multinational financial services company and one of the largest banking institutions in the United States.

Mister Car Wash

A leading provider of vehicle cleaning services in the United States, operating a chain of car wash locations across the country.

Leonard Green & Partners

A private equity firm that currently owns a 67% stake in Mister Car Wash and plans to acquire the remaining shares to take the company private.

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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

What’s next

The proposed acquisition of Mister Car Wash by Leonard Green & Partners is subject to shareholder approval and regulatory review. Some law firms have announced investigations into whether the deal provides fair value for shareholders, which could potentially lead to litigation or pressure on the deal terms.

The takeaway

The reiteration of the 'equal weight' rating and $7.00 target price by Wells Fargo suggests the proposed acquisition price is viewed as reasonable, even as the privatization by the company's largest shareholder raises questions about ensuring full value for all investors. The solid financial performance of Mister Car Wash provides support for the valuation, though the lack of forward guidance creates some near-term uncertainty.