Analyst Nick Setyan upgraded shares of the drive-thru coffee franchise to overweight from neutral. He maintained his price target of $37 per share.
There may be more upside to Dutch Bros in 2023 investors expect, according to Wedbush. Analyst Nick Setyan upgraded shares of the drive-thru coffee franchise to outperform from neutral. He maintained his price target of $37 per share, implying 14.9% upside from Tuesday's close price. "Near-term consensus [same-store sales] growth estimates remain frustratingly aggressive despite management's consistent and clear messaging.
"We view BROS' current valuation as an overly pessimistic assessment of its medium- and long-term annual growth algorithm," Setyan added. Setyan also thinks that Dutch Bros' strong rewards program will also help drive revenue. "Management is laser-focused on increasing the stored value portion of rewards , along with the ongoing growth of overall rewards members and tender, which should help throughput," Satyan noted. Shares of Dutch Bros were up 3.
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