Dutch Bros slides after Piper Sandler downgrades to 'neutral'
** Shares of coffee chain Dutch Bros BROS.N slip 5% to $31 premarket
** Piper Sandler downgrades stock to "neutral" from "overweight"; trims PT to $36 from $41, new PT still an upside of about 10% to co's last close
** Brokerage says always viewed BROS as a higher risk/higher reward situation given its industry, but sees it more balanced at current levels, hence the downgrade
** Recent industry traffic and promotional environment trends could offset tailwinds boosting co's speed to become free cash flow positive - brokerage
** However, PS says it is impressed with CEO Christine Barone's impact on co with advertising and real estate changes, continues to see tailwinds for same store sales in early 2025
** Ten brokerages rate co "buy" or higher, while three rate it "hold", median PT at $38 - LSEG
** Stock up about 3% YTD, till last close
Reporting by Purvi Agarwal in Bengaluru
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