Dutch Bros price target raised to $51 from $36 at Piper Sandler

Piper Sandler raised the firm’s price target on Dutch Bros (BROS) to $51 from $36 and keeps a Neutral rating on the shares following quarterly results. The firm notes it was an eventful occasion, with the stock reacting very favorably post release. For the quarter, Piper highlights that system-wide same-store sales were +2.7%, while company-operated same-store sales were +4.0%. While the Q3 results were certainly “good enough,” the outsize stock reaction was primarily caused by the Q4 2024 comp guidance, it adds.