Dutch Bros Inc. (BROS) PT Lowered to $35 at Jefferies

Jefferies analyst Andy Barish lowered the price target on Dutch Bros Inc. (NYSE: BROS) to $35.00 (from $64.00) while maintaining a Buy rating.

The analyst commented, "1Q miss as both sales and inflation worsened quickly in March and those sub-par trends expected to continue through '22. FY SSS/EBITDA guide lowered meaningfully, and we lower our ests accordingly. Still, we think margins could recover in '23+, and unit growth outlook now higher w/strong AUVs from new units. After-hours trading indicated the stock trading sl below its $23 IPO price, which we view as very attractive; Buy, PT to $35."

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