Piper Sandler analyst Nicole Miller Regan lowered the firm’s price target on Dutch Bros to $32 from $40 and keeps an Overweight rating on the shares. The company’s Q3 results were more or less in line with expectations, with acceleration through the quarter and better than expected new unit development, Miller Regan tells investors in a research note. The analyst, however, is remaining cautious surrounding Q4 and fiscal 2023, and is taking a "prudent approach" to same-store sales assumptions.
Published first on TheFly
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