Why Dutch Bros Stock Was Up Today
Shares of coffee-chain Dutch Bros (NYSE: BROS) were up today after getting upgraded by an analyst. As of 3 p.m. ET, Dutch Bros stock was up almost 7%.
Analyst John Ivankoe of JPMorgan upgraded Dutch Bros stock today to "overweight," which means he believes the stock has upside. According to TipRanks, Ivankoe downgraded Dutch Bros stock back in August, essentially believing shares were fairly valued at the time. However, it's down more than 30% since then, which apparently changed things for the analyst.
However, while Ivankoe upgraded Dutch Bros stock today, his new price target is just $38 per share compared to $48 per share before. This represents around 21% upside, as of this writing.
Source Fool.com
