Boston Beer price target lowered to $350 from $375 at TD Cowen

TD Cowen analyst Vivien Azer lowered the firm’s price target on Boston Beer to $350 from $375 and keeps a Market Perform rating on the shares. The analyst said given the tepid start to the year from a seasonally small quarter, and management holding guidance, we broadly flow through the miss into our estimates, while modeling for incremental buybacks. Much of the company’s performance for the year will depend on the next two quarters.