Coffee-based beverages provider Dutch Bros (NYSE:BROS) plans to open at least 150 to 165 new outlets this year. The company is also participating in the ICR conference today.
In 2023, BROS opened 159 new shops, with 146 being company-operated. Notably, Dutch Bros is one of the fastest-growing quick-service beverage brands by location count in the U.S. The company had a total of 831 shops across 16 states at the end of 2023.
Aiming to take this tally to 4,000 shops, the company has announced several new top leadership appointments. Joshua Guenser will join as Chief Financial Officer in February, and Sumitro Ghosh is coming in as President of Operations this month. Following these appointments, Brian Maxwell, the current COO, is expected to transition into the role of Vice Chairman. Additionally, Jess Elmquist is joining Dutch Bros as its Chief People Officer this month.
Meanwhile, Starbucks (NASDAQ:SBUX), the global coffee giant, is expanding the food items on its menu to attract more afternoon footfalls.
Is BROS a Buy, Sell, or Hold?
Overall, the Street has a Moderate Buy consensus rating on Dutch Bros, and the average BROS price target of $35.25 implies a 13.3% potential upside in the stock. That’s on top of a nearly 9.5% rise in the company’s share price over the past six months.
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