Piper Sandler lowered the firm’s price target on Dutch Bros (BROS) to $63 from $73 and keeps a Neutral rating on the shares following quarterly results. The top-line momentum at Dutch Bros remains very strong, with company-operated shop same-store sales of +7.4% and system-wide same-store sales of +5.7%, both of which were notably above consensus, the firm says. While all that is good, if there is one thing that investors might “pick at” it would pertain to RLMs, which were 80 below consensus, notes Piper.
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