Shares of First Watch Restaurant Group, Inc. (FWRG) are soaring 5.01% during Wednesday's trading session, following the release of strong Q2 earnings and a positive analyst update. The casual dining chain's stock performance reflects growing investor confidence in the company's expansion strategy and financial health.

First Watch announced in its Q2 earnings report that it has reached a significant milestone of 600 restaurant locations. This expansion, coupled with reported Q2 growth, demonstrates the company's successful execution of its growth strategy and ability to capture market share in the competitive restaurant industry.

Adding to the positive sentiment, Stephens, a financial services firm, raised its price target on First Watch Restaurant Group to $24 from $23, while maintaining an Overweight rating on the shares. This upgrade suggests that analysts see further upside potential in the stock, likely based on the company's strong performance and growth prospects.

The combination of promising Q2 results, continued expansion, and the vote of confidence from Wall Street analysts appears to be driving the significant uptick in First Watch's stock price. Investors will be watching closely to see if the company can maintain this momentum in the coming quarters.