The Endeavour Group Ltd (ASX: EDV) share price is rising with the market on Wednesday.

In morning trade, the drinks company’s shares are up over 1% to $6.67.

Where next for the Endeavour share price?

It could be onwards and upwards from here according to a couple of leading brokers.

Goldman Sachs, for example, is bullish on the company and has recently put a buy rating and $7.80 price target on its shares.

Based on the current Endeavour share price, this implies potential upside of 17% for investors from current levels. In addition, Goldman expects dividend yields of approximately 3.3% in FY 2023 and 3.6% in FY 2024.

The broker is positive largely due to Endeavour’s leadership position in a defensive category. It commented:

We remain positive on EDV given its clear leadership in a resilient category with proven strong sales execution and high consumer loyalty. We believe that the company’s investments in digitalization enabling targeted pricing and promotions as well as increasing automation of cost items will provide the operational agility required in a fast changing consumer environment. Additionally, our sensitivity analysis suggests that the risk of NSW gaming regulatory risk is largely factored in and hence more clarity around execution could provide upside catalysts.

Who else is bullish?

Another broker that is bullish is Morgans. In fact, its analysts named the company on the broker’s best ideas list again this month with an add rating and $7.80 price target.

Morgans believes recent weakness in the Endeavour share price has created a buying opportunity for investors. It commented:

We believe the share price weakness over the past six months on the back of an uncertain regulatory environment (eg, potential introduction of cashless gaming cards in NSW) has shifted the balance of risks to the upside with EDV’s underlying business remaining strong. The company possesses a broad network of retail liquor stores/hotel venues, well-known brands (eg, Dan Murphy’s and BWS) and dominant market positions.