BROS

$Dutch Bros(BROS.US) | Telsey 𝗺𝗮𝗶𝗻𝘁𝗮𝗶𝗻𝘀 𝗢𝘂𝘁𝗽𝗲𝗿𝗳𝗼𝗿𝗺 on 𝗗𝘂𝘁𝗰𝗵 𝗕𝗿𝗼𝘀 𝗜𝗻𝗰., raises PT to $𝟳𝟰 from $𝟲𝟲

Analyst sees strong 2Q26 results, supported by new units, menu innovation, pricing, loyalty, technology, and execution.

$Dutch Bros(BROS.US) | Piper Sandler 𝐫𝐞𝐢𝐭𝐞𝐫𝐚𝐭𝐞𝐬 𝐍𝐞𝐮𝐭𝐫𝐚𝐥 on 𝐃𝐮𝐭𝐜𝐡 𝐁𝐫𝐨𝐬, 𝐫𝐚𝐢𝐬𝐞𝐬 𝐏𝐓 𝐭𝐨 $𝟔𝟖 𝐟𝐫𝐨𝐦 $𝟔𝟏

Analyst flags increasing investor focus on competition from 7 Brew, which surpassed Dutch Bros in 2025 store openings and system sales growth.

$Dutch Bros(BROS.US) | 𝐃𝐮𝐭𝐜𝐡 𝐁𝐫𝐨𝐬: RBC Capital reiterates 𝐎𝐮𝐭𝐩𝐞𝐫𝐟𝐨𝐫𝐦, maintains 𝐏𝐓 𝐚𝐭 $𝟕𝟓

Analyst sees solid operational execution and growth initiatives, though competitive concerns still weigh on sentiment.

$Dutch Bros(BROS.US) Ahhhh ☕️

Adj EPS: $0.16 vs $0.16 est

REV: $464.412M vs $449.832M est

🟩 +1.44%

$Dutch Bros(BROS.US) | 𝐃𝐮𝐭𝐜𝐡 𝐁𝐫𝐨𝐬: RBC reiterates 𝐎𝐮𝐭𝐩𝐞𝐫𝐟𝐨𝐫𝐦, maintains 𝐏𝐓 𝐚𝐭 $𝟕𝟓

Analyst sees Q1 beat & potential guidance raise, with traffic resilience despite competition supporting upside.

Source: Hardik Shah

I asked Grok to summarize my posts on a potential $Tesla(TSLA.US)/SpaceX merger over the past week, a prospect about which I remain deeply skeptical:

For $Tesla(TSLA.US) bulls hoping for a TSLA/SpaceX merger (in either direction), the math strongly suggests it would be highly dilutive and value-destructive for TSLA shareholders.

- A TSLA acquisition of SpaceX at similar $1.5T valuations would combine the companies at a blended ~100x EV/EBITDA multiple (the lower of the two). This creates an immediate ~20-25% reduction in TSLA value due to the classic “conglomerate discount,” where the market applies the lowest common multiple rather than a blended one. Financial history is full of examples (RJR/Nabisco, GE, Time Warner, Gulf & Western, Sara Lee, Fortune Brands, etc.) where unrelated businesses with different growth profiles and multiples trade lower post-merger.

- The reverse (SpaceX buying TSLA post-IPO) is equally unrealistic. SpaceX IPO buyers would be furious about massive near-term dilution to acquire TSLA, and institutional investors would likely avoid the IPO altogether if that was the plan. Recent precedent like Netflix’s failed Warner Bros. Discovery pursuit (stock dropped ~30%) shows how much shareholders dislike equity-funded acquisitions.

- In my 30 years as a professional investor I have rarely seen post-merger companies trade at “blended multiples” based on the weighted avg of the underlying companies’ respective multiples and growth prospects. With conglomerates, the lowest common multiple generally wins out.

Bottom line: A TSLA/SpaceX merger is a solution in search of a problem. It’s dilutive, would be unpopular with shareholders, and therefore unlikely to happen. The two companies are better off remaining separate and TSLA shareholders who want exposure to SpaceX should just sell a % of their TSLA shares to buy SpaceX shares.