Boston Beer price target raised to $350 from $325 at Wedbush

Wedbush analyst Gerald Pascarelli raised the firm’s price target on Boston Beer to $350 from $325 and keeps a Neutral rating on the shares. Boston Beer exceeded expectations with a top and bottom line beat in Q2, the analyst tells investors in a research note. At the same time, Boston Beer is far from turning a corner on Truly, which has underperformed expectations year-to-date and will remain an overhang on the multiple until the brand shows signs of a reversal in the magnitude of its volume declines, Wedbush contends.