BUZZ - Dutch Bros shares decline as RBC downgrades rating due to competition concerns

October 22 - ** Coffee chain Dutch Bros BROS.N shares fell 4% in premarket trading to $40.6

** RBC Capital Markets downgraded the stock from “Outperform” to “Sector Perform”, citing increased competition

** The target price was lowered from $70 to $46, which still implies nearly 9% upside compared to the stock’s most recent closing price

** RBC stated that competitor 7 Brew is expected to surpass Dutch Bros in number of stores next year

** The stock has traded below its 200-day moving average since August 6

** According to data compiled by LSEG, 25 out of 26 brokerages rate the stock “Buy” or higher, and one rates it “Hold”; the median target price is $74

** As of the previous session’s close, the stock has fallen about 31% year-to-date

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