Boston Beer price target lowered to $275 from $285 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Boston Beer to $275 from $285 and keeps an Underweight rating on the shares following a Q4 topline and EPS miss. Topline trends are moderately improving, but with FY24 EPS guided about 20% below consensus and a gross margin recovery pushed back “there is still a wide range of outcomes for FY24 with Twisted slowing,” the analyst tells investors.