Dutch Bros price target raised to $45 from $39 at Wedbush

Wedbush analyst Nick Setyan raised the firm’s price target on Dutch Bros to $45 from $39 and keeps an Outperform rating on the shares. The firm came away from speaking with CEO and President Christine Barone, CFO Josh Guenser, outgoing CFO Charley Jemley, and Senior Director of IR and Capital Markets Paddy Warren incrementally more confident that current 2024 same-store sales growth and EBITDA expectations are conservative, that multiple drivers of sustained transaction growth over the medium- to longer-term are now in place, evidence is starting to suggest last year’s pressure on new unit volumes has been addressed and new unit volumes could become drivers of top line upside, and longer-term annual 20%-plus EBITDA growth is realistic.