Boston Beer price target lowered to $395 from $422 at Roth MKM

Roth MKM lowered the firm’s price target on Boston Beer to $395 from $422 but keeps a Buy rating on the shares. The company reported a disappointing quarter, though its two largest headwinds of larger than expected calendar shift and less y/y production shift are unrelated to underlying business trends and ultimate profit potential, the analyst tells investors in a research note. The firm adds that depletions were also better than expected, and given C-suite changes over the last five months, Boston Beer’s guidance is likely “conservative”.