Goldman Sachs has upgraded Dutch Bros. to a buy rating from neutral, citing a strong competitive moat and strong same-store sales growth as reasons for its optimism. The bank's unchanged 12-month price target of $75 indicates an upside of 40% for the stock. Shares of Dutch Bros have fallen 12% this year and nearly 26% in the past six months. Goldman Sachs analyst Christine Cho believes that the market is underestimating Dutch Bros.' ability to compete in the competitive coffee landscape and that the company is positioned to defend its share from competitors while appealing to younger consumers through brand excitement.