Dutch Bros price target raised to $42 from $33 at Baird

Baird raised the firm’s price target on Dutch Bros to $42 from $33 and keeps a Neutral rating on the shares. The firm’s checks suggest Q2 openings fell short of its estimate, but exceeded consensus, and it sees potential for Q2 comps to come in above estimates. While continuing to have a favorable view of management’s strategies to strengthen longer-term growth fundamentals, the firm is “staying patient with our Neutral rating at this stage,” citing ongoing concerns about the macro backdrop, the analyst tells investors.