Dutch Bros price target lowered to $63 from $70 at Piper Sandler

Piper Sandler lowered the firm’s price target on Dutch Bros (BROS) to $63 from $70 and keeps an Overweight rating on the shares following quarterly results. With the Q1 result pre-announced at the March 27 Investor Day, the focus was really around guidance and commentary given on the call. With that in mind, on the call, management guided Q2 same-store sales to be in the range of +3.0% to 4.0%, which Piper says compares to pre-print consensus estimates of +4.9%, and which it believes is also a bit below buy-side investor expectations as well.