Dutch Bros price target lowered to $45 from $55 at Jefferies

Jefferies analyst Andy Barish lowered the firm’s price target on Dutch Bros to $45 from $55 and keeps a Buy rating on the shares after the company reported "solid" Q3 same shop sales and reiterated FY22 EBITDA guidance. He is raising his FY23/FY24 unit growth estimates, but says his lower target reflects the "state of growth multiple valuations in the market."