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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).
