Dutch Bros initiated with a Neutral at Wedbush

Wedbush analyst Nick Setyan initiated coverage of Dutch Bros with a Neutral rating and $37 price target. While the firm calls Dutch Bros "one of a handful of growth restaurants with realistic long-term revenue and unit growth targets," they believe 2023 consensus adjusted EBITDA growth expectations are "overly aggressive" and sees risk to 2023 AEBITDA expectations.