Morgan Stanley has initiated coverage of Dutch Bros (NYSE:BROS) with an Overweight rating and a price target of $82, citing strong growth potential and market share expansion. The company, now the third-largest in the U.S. beverage shop market, holds only 3% market share but is expected to achieve mid-teens annual unit growth, aiming for over 4,000 stores, with a bull case of 9,000 locations. The introduction of mobile ordering in 2024 and potential food sales by 2026 are anticipated to drive further sales growth, despite competition from larger players like Starbucks.