Mister Car Wash price target lowered to $10 from $12.50 at BofA

BofA analyst Elizabeth Suzuki lowered the firm’s price target on Mister Car Wash to $10 from $12.50 and keeps a Buy rating on the shares. Following Mister Car Wash’s Q3 results, which were largely in line with the firm’s expectations, BofA maintains its FY24 EPS estimate, but given investors’ increasing focus on net income growth over EBITDA, the firm shifts its price objective basis from EV/EBITDA to P/E, which drives its revised price target. While investors are focused on P/E, the stock “still looks inexpensive,” the analyst added.