Oppenheimer raised its price target on Dutch Bros to $82 and believes the stock's rally could extend into the second half of the year. The firm cited powerful same-store sales catalysts, including food products rolling out to more company stores and the new Myst platform, and said consensus margin forecasts are conservatively modeled, especially if coffee cost headwinds normalize into 2027. Analyst Brian Bittner noted that every 10% change in gross coffee pricing impacts cost of goods sold by about 30 basis points and EBITDA by roughly $5 million annually, and if current prices hold, Dutch Bros' 2027 coffee costs would be down about 20%. Oppenheimer also views competitive risks as overblown. Shares were up 1.2% to $72.53 in Tuesday afternoon trading.
Dutch Bros IncOppenheimer raised price target to $82, citing strong sales catalysts and conservative margin forecasts.