Boston Beer price target raised to $355 from $340 at UBS

UBS raised the firm’s price target on Boston Beer to $355 from $340 and keeps a Neutral rating on the shares. Boston Beer’s Q1 EPS was well above expectations driven by stronger top line growth and better than expected gross margin expansion, and its sales growth was due to volume upside, better pricing and lower returns, the analyst tells investors in a research note. UBS is encouraged by the solid start and recognizes that valuation screens as attractive vs. historical averages on an absolute basis, but thinks greater visibility on the top and bottom line growth trajectory is needed in order to become constructive and drive a potential re-rating back to historical levels.