TD positive on Dutch Bros acquisition of Clutch Coffee

TD Cowen likes the acquisition of Clutch Coffee by Dutch Bros (BROS). The deal provides Dutch an opportunity to build penetration in the Southeast and accelerate development in the region, the analyst tells investors in a research note. The firm says that with the proliferation of drive-thru only coffee shops throughout the U.S., “planting the first flag in the market is becoming increasingly important.” Clutch Coffee is a 20-store drive-thru only coffee shop across the Carolinas, TD points out. It views the news positively and keeps a Buy rating on Dutch Bros with a $73 price target