Analyst Peter Keith upgraded the stock to outperform from neutral and raised his price target by $3 to $12.
The firm's new forecast suggests a 74.17% upside from Friday's close. "We expect upside to estimates to come primarily from MCW's rollout of Titanium 360, which should build to a ~5% comp lift for both 2024 and 2025 based on our industry research," Keith wrote in a Monday note. Titanium 360, the company's new premium service offering of Titanium Dioxide mist, should reach 10% of sales by the end of 2024 and 20% of sales by the end of 2025, he said.
"Unit growth slowdown is in the process of happening ," Keith wrote. Shares of Mister Car Wash popped more than 10% early Monday. Even with Monday's gains, the stock is trading below its June 2021 initial public offering price of $15 per share. Shares have declined nearly 17% so far this year.
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