- JPMorgan analyst John Ivankoe initiated coverage of Dutch Bros Inc BROS with an Overweight rating and $47 price target, suggesting a 2% downside.
- The analyst has a positive view of the company's growth prospects and management's ability to execute.
- Ivankoe added that much of the near-term upside is already reflected in the share price, so investors should use price dips to add to positions.
- Cowen analyst Andrew Charles initiated coverage with an Outperform rating and $50 price target, suggesting a 4% upside.
- Stifel analyst Chris O'Cull initiated coverage of Dutch Bros with a Buy rating and $52 price target. The company's "impressive" unit-level economics, expansion potential, and pace of development "check all the boxes for a compelling restaurant growth investment," says O'Cull, who believes Dutch Bros' projections for at least 4,000 units in the U.S. "may prove conservative."
- Jefferies analyst Andy Barish initiated coverage with a Buy rating and $60 price target, implying 25% upside, calling it "one of the most compelling high-growth companies" in the restaurant industry.
- BofA analyst Sara Senatore initiated coverage with a Buy rating and $55 price target (implying 14% upside), citing beverage-only product mix that includes its Blue Rebel energy drink translating into high gross margins and maximizing labor efficiency.
- Barclays analyst Jeffrey Bernstein initiated coverage of Dutch Bros with an Equal Weight rating and $40 price target, suggesting a 16% downside. The analyst states while valuation keeps him cautious on the shares, the company's fundamentals "are intriguing."
- Baird analyst David Tarantino initiated coverage with an Outperform rating and $56 price target (implying 16% upside) and commented the company is a "differentiated brand" that is well positioned to capture "substantial amounts" of market share over time within the sizable U.S. beverage category.
- Price Action: BROS shares are trading higher by 13.7% at $48.5 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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