Goldman Sachs has upgraded Dutch Bros from neutral to buy, following a 26% drop in the shares over the past six months and a 12% year to date. The bank's 12-month price target at $75 is roughly 40% upside from where the stock was trading before the call. Goldman's analysts highlighted Dutch Bros' "robust competitive advantage" and impressive same-store sales growth as key reasons for the upgrade. They also argued that the market is undervaluing Dutch Bros’ ability to defend and grow its share in an “intensifying coffee landscape” and that its strengths are being underestimated. Goldman also highlighted the potential for increased food sales and digital and food usage to enhance the brand's moat.