Dutch Bros price target raised to $40 from $34 at JPMorgan

JPMorgan analyst John Ivankoe raised the firm’s price target on Dutch Bros to $40 from $34 and keeps an Overweight rating on the shares. The analyst says global quick service restaurants are entering a more difficult promotional phase as traffic softens in their lower income customer base. 2024 is now back to a more typical 2019 consumer behavior, yet the consumer has been asked to absorb 29% average ticket gains over these years versus 25% income gains, the analyst tells investors in a research note.