Dutch Bros upgraded to Buy from Hold at TD Cowen

TD Cowen analyst Andrew Charles upgraded Dutch Bros to Buy from Hold with a price target of $46, up from $33, following the Q1 report. The firm believes the shares “present an asymmetric risk/reward” as it models Street-high 2024 and 2025 same-store-sales. Further, TD’s new store sales volume analysis suggests the company’s Q1 “green shoots” in efforts to improve unit economics remove an overhang on the shares, the analyst tells investors in a research note. The firm increased adjusted EBITDA estimates though 2026 above consensus and sees a clear path to the shares potentially doubling in three years.