Morgan Stanley analyst Brian Harbour lowered the firm’s price target on Dutch Bros (BROS) to $84 from $86 and keeps an Overweight rating on the shares. Q3 comps beat the Street as did total revenue, driving a bottom line beat, and although Q4 EBITDA was reduced, the firm says the company’s view is “perhaps conservative again.” Despite some margin pressure, which “probably remains a near term reality,” the firm argues that the Dutch Bros story is “relatively consistent” and remains attractive into 2026.
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