First Watch Might Still Be A Good Long-Term Investment

First Watch (FWRG) remains a buy despite weaker 2026 guidance and near-term sector headwinds. FWRG targets 12–14% revenue growth in 2026, driven by 9% new locations, 1% from franchise buybacks, and 1–3% comps. Long-term thesis is intact: FWRG aims for 2,200 locations and national scale, justifying a growth premium.