JPMorgan analyst John Ivankoe upgraded Dutch Bros to Overweight from Neutral with a price target of $35, up from $30. The company now has strong available liquidity comprised of $150M of cash and $350M of availability under its undrawn revolver plus a $200M undrawn delayed draw term loan to provide funding comfort until turning free cash flow positive in 2027, the analyst tells investors in a research note. The firm continues to believe Dutch Bros will have 4,000 units built by 2037, up from the Q3 level of 794 stores.
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