Morgan Stanley raised the firm’s price target on Boston Beer to $290 from $275 and keeps an Underweight rating on the shares following a Q1 topline and EPS beat. While the firm expects a positive initial reaction to Q1 results with a headline depletions beat and solid gross margin upside, it stays Underweight as it notes year-to-date depletions are still running down 2% year-over-year, which is slightly worse than consensus, and Twisted Tea growth is continuing to slow in scanner data.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SAM:
- SAM Earnings this Week: How Will it Perform?
- The Boston Beer Company Debuts First-of-its-Kind Non-Alc Beverage, General Admission, Available Now via Direct-to-Consumer Shipping
- Boston Beer price target lowered to $310 from $340 at Evercore ISI
- Dogfish Head Expands Distribution of Spirits-Based RTD Cocktails to Western Canada
- Boston Beer price target lowered to $315 from $350 at Citi