Dutch Bros' (BROS) competitive fears are overblown as the stock presents a long-term compounding opportunity with positive revisions likely to become an ongoing theme, Oppenheimer said in a research report emailed Wednesday.

The company's unrivaled people culture offers a major competitive advantage, but this dynamic is often overlooked by investors, according to the note.

The brokerage said it expects upside to same-store-sales consensus estimates for 2026 as food is driving 400 basis points of sales lifts, loyalty and digital represent underutilized opportunities, and newer markets continue to out-comp system-averages, offering a robust waterfall, analysts wrote.

The brokerage said it reiterated its outperform rating on the stock and price target of $72 per share.

Price: 54.81, Change: +2.04, Percent Change: +3.87