BofA raised the firm’s price target on Dutch Bros (BROS) to $51 from $49 and keeps a Buy rating on the shares. The company’s Q3 same-store sales growth beat was “even more notable” given the fact that it comprised positive traffic growth during a quarter when the industry saw softer demand, the analyst tells investors. The firm believes the company’s Q4 guidance for 1%-2% same-store sales growth “again embeds conservatism” given continued mobile order and pay adoption and increasing paid advertising, the analyst added.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BROS:
- Dutch Bros Inc. Reports Strong Q3 2024 Growth
- Closing Bell Movers: AppLoving up 29% after Q3 earnings beat
- Dutch Bros raises FY24 revenue view to $1.255B-$1.260B, consensus $1.23B
- Dutch Bros Inc Reports Strong Q3 Growth and Expansion
- Dutch Bros jumps 17% to $41 after Q3 earnings beat, guidance raise