Dutch Bros price target lowered to $59 from $63 at Piper Sandler

Piper Sandler analyst Brian Mullan lowered the firm’s price target on Dutch Bros (BROS) to $59 from $63 and keeps a Neutral rating on the shares. The firm notes the stock is currently down about 16% year-to-date despite reporting strong results and providing solid guidance, which it thinks is a dynamic that has some in the Investment Community “searching for answers” as to what is causing said underperformance. While Piper heard upcoming competitor product launches get cited as a contributing reason here, and it doesn’t doubt that this factor has played a role, the firm is not sure that would logically explain all of it.