Piper Sandler raised the firm’s price target on Dutch Bros (BROS) to $70 from $51 and keeps an Underweight rating on the shares following quarterly results. In summary, it was a stand-out quarter, with system-wide same-store sales of +6.9% and company-operated same-store sales of +9.5%, both of which were well ahead of consensus, and also ahead of the firm’s sense of investor expectations as well, Piper notes.
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