Dutch Bros

BROS · NYSE

$43.82+$0.96 (+2.24%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $42.86

BROS analyst rating

BuyConsensus of 19 analysts over the last 12 months. 95% rate it a buy.

Strong buy0
Buy18
Hold1
Underperform0
Sell0

12-month price target · 27 analysts

Average $77.59 (+77.1% upside)

Low: $50.50
Now: $43.82
High: $99.75

Upgrades and downgrades

The latest rating actions, newest first

BROS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Morgan Stanley	Oct 15, 2026	Maintains	Overweight	$88.00 → $71.00	48%
Stephens & Co.	Oct 15, 2026	Maintains	Overweight	$80.00 → $65.00	24%
Baird	Oct 2, 2026	Maintains	Outperform	$82.00 → $60.00	51%
Oppenheimer	Sep 30, 2026	Maintains	Outperform	$82.00 → $66.00	58%
JP Morgan	Sep 29, 2026	Maintains	Overweight	$75.00 → $60.00	64%
DA Davidson	Sep 28, 2026	Maintains	Buy	$85.00 → $60.00	18%
Melius Research	Sep 18, 2026	Maintains	Buy	$95.00 → $70.00	67%
TD Cowen	Sep 18, 2026	Maintains	Buy	$59.00	33%
Seaport Global	Sep 16, 2026	Initiates	Buy	$50.00	54%
TD Cowen	Sep 11, 2026	Maintains	Buy	$73.00 → $59.00	33%

The case for and against

Updated Oct 14, 2026

Bull case

Dutch Bros is supported by a durable growth model combining drive-thru convenience, strong brand differentiation, and a highly loyal digital base, with 73% of orders transacted through Dutch Rewards and order ahead already near 16% of mix. Its latest results underscore that demand remains healthy despite competition, as system same-shop sales rose 5.8%, company-owned comps climbed 8.3%, and total revenue increased 33% to $551 million while adjusted EBITDA grew 28% to $114 million. The outlook is further strengthened by accelerating unit productivity, a pipeline that is about 90% of what is needed for the 2,029-shop target by 2029, and menu and food initiatives that are expanding occasions and supporting same-store sales.

Bear case

Dutch Bros is viewed negatively because its growth remains dependent on a highly competitive specialty coffee market where larger rivals and fast-growing chains have stronger resources, while its customer base is skewed toward younger, more economically sensitive consumers. The company also faces meaningful concentration risk, with roughly 40% of locations in Texas and California, and management’s merchandising tactics appear unlikely to create a durable traffic engine, especially if customers begin waiting for drops. Even though 2Q26 revenues of $550.9 million and adjusted EBITDA of $113.7 million beat estimates, same-shop transaction growth slowed to 1.7%, highlighting weakening underlying demand despite 48 new shop openings.

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