TD Cowen says Dutch Bros lack of SSS disclosure doesn’t reflect Q4 miss

After having hosted a fireside chat with Dutch Bros CEO Christine Barone and CFO Charley Jemley, TD Cowen said the “biggest surprise” reported by the company this morning was the retirement of Jemley following the release of Q1 earnings in early May. Jemley will be succeeded by incoming CFO Josh Guenser, who joins the company on February 19, noted the analyst. Dutch Bros did not disclose Q4 same-store sales and opted not to provide 2024 guidance, but the firm contends that the lack of Q4 SSS disclosure does not reflect a material miss versus the consensus forecast, though it maintains its below-consensus Q4 estimate of 1.8%. The firm, which adds that it is “optimistic on the new c-suite hires,” has a Market Perform rating and $33 price target on Dutch Bros shares.