Piper Sandler last night initiated coverage of Boston Beer with an Overweight rating and $350 price target. The analyst expects Twisted Tea and Hard Dew to drive sakles growth, with Hard Mountain Dew likely to drive potentially significant upside versus estimates, based on its initial traction in limited distribution. Smaller launches like Truly Unruly and Sun Cruiser can add to Boston Beer’s growth, too, the analyst tells investors in a research note. The firm expects the company’s gross margin improvement to continue, helping drive strong earnings growth.
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