Dutch Bros price target lowered to $36 from $37 at Stifel

Stifel analyst Chris O’Cull lowered the firm’s price target on Dutch Bros to $36 from $37 and keeps a Hold rating on the shares. The firm has reduced its 2023 company same-restaurant growth projection to 2% from 3% to reflect the weather-related disruptions in Q1 on the West Coast, particularly in California. The firm adds that it estimates the company is starting to see some commodity relief and estimates that changes to the Rebel dispensing system could significantly benefit cost of goods in 2024.