Dutch Bros' (BROS) recent sharp share pullback has become too compelling to be silent, Oppenheimer said in a note Wednesday.

The note said the stock is now trading at less than 14 times EBITDA against a profit growth of over 20% after a year-to-date drop in the stock of some 38%.

"The Street now overly discounts risks around normalizing SSS as peak trends are lapped, with the model possessing tools to maintain healthy comps in '27," the report said.

The note also said earnings estimates have been in a positive revision pattern, with limited risk of a reversal.

"Our earnings power analysis out to 2029E suggests longer-term investors can enter at <9x future EBITDA, and we'd take advantage," the report said.

Oppenheimer kept its outperform rating while lowering its price target to $66 from $82, to better align with valuation re-ratings across the sector.

Price: 39.40, Change: +1.30, Percent Change: +3.41