Wedbush analyst Nick Setyan upgraded Dutch Bros to Outperform from Neutral with an unchanged price target of $37. The analyst views the company’s 2023 adjusted EBITDA guidance as "not only realistic, but conservative." Dutch Bros’ current valuation represents an "overly pessimistic assessment of its medium- and long-term annual growth algorithm," the analyst tells investors in a research note. Based on location data, the firm believes the company’s Q1 development is ahead of expectations. It expects Dutch’s 2023 revenue to be at or above the top end of guidance.
Published first on TheFly
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