Dutch Bros price target raised to $33 from $30 at Piper Sandler

Piper Sandler raised the firm’s price target on Dutch Bros to $33 from $30 and keeps a Neutral rating on the shares after having taken the opportunity to do a bit of a “deep dive” following what the firm calls an “eventful” Q2 earnings event on August 8. While stating that “there was a lot to process exiting the quarter, and the stock has remained a source of investor questions,” the firm contends that Q2 results themselves “were fantastic from a margin perspective,” and notes that the company raised its adjusted EBITDA guidance for the year.