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.
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