Boston Beer price target lowered to $320 from $330 at Evercore ISI

Evercore ISI lowered the firm’s price target on Boston Beer to $320 from $330 and keeps an In Line rating on the shares. Ahead of the company’s Q2 report due on July 27, the firm lowered its FY23 estimates given weakness in Truly that has lasted longer than it had modeled. The firm’s revised EPS of $6.00 is at the low-end of the company’s $6.00-$10.00 outlook and below the Street at $7.18, while its Q2 EPS estimate of $2.97 is below the Street at $3.37, the analyst tells investors.