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Mister Car Wash surges 5% on Piper Sandler upgrade

Published 08/28/2023, 04:34 PM
Updated 08/28/2023, 04:35 PM
© Reuters.  Mister Car Wash surges 5% on Piper Sandler upgrade
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Mister Car Wash Inc (NYSE:MCW) shares gained more than 5% today after Piper Sandler upgraded the company to Overweight from Neutral and raised its price target to $12.00 from $9.00.

This rating change is based on the anticipation of a significant upside to estimates over the next two years. Piper Sandler expects the company's rollout of Titanium 360 to contribute to around a 5% increase in comparable sales for both 2024 and 2025.

The reduction in competitive openings in 2024 is also expected to ease pressure on Retail sales industry-wide. Positive industry feedback about Mister Car Wash further supports its potential for long-term growth.

As a result, Piper Sandler raised its 2024 EPS estimate to $0.38 (compared to the consensus of $0.35) and initiated 2025 EPS at $0.49 (compared to the consensus of $0.42).

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