First Watch Restaurant rises after TD Cowen turns bullish

First Watch Restaurant Group's FWRG.O stock up 4.9% premarket to $17.47 after TD Cowen upgrades to 'buy' from 'hold'

FWRG on track to snap three-session losing streak, if gains hold

Brokerage boosts PT by $1 to $22, ~32% above stock's last close

TD Cowen says expects daytime dining chain's 2025 to be an improved year in same-store sales due to "more effective" marketing

The analysts say they see clear path to increased adj EBITDA with egg prices already well off early March highs

Last month, Florida-based co projected 2025 same-store sales growth in positive low-single digits with flat-to-slightly positive same-store traffic growth

Through Mon close, shares down 10.5% YTD and down roughly 33% over the past 12 months