Analyst Brian Harbour from Morgan Stanley maintained a Buy rating on Black Rock Coffee Bar, Inc. Class A and keeping the price target at $28.00.
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Brian Harbour has given his Buy rating due to a combination of factors that highlight Black Rock Coffee Bar, Inc.’s potential for growth despite some challenges. The company’s same-store sales (SSS) have shown strong performance, continuing positive trends from the first half of 2025, and have remained in the high single-digit percentage range in October. This indicates a robust demand for the company’s offerings, even against tougher comparisons.
Moreover, while there were some timing issues with new unit openings due to landlord-related delays, the company is still on track to meet its unit growth targets for 2025. This demonstrates resilience and a commitment to expansion. Additionally, the company’s margins remain healthy, with better-than-expected fixed cost leverage in labor and occupancy. These factors, combined with the expectation of continued strong SSS performance and a stable revenue outlook, support Harbour’s optimistic view on the stock.