Boston Beer price target raised to $422 from $406 at Roth MKM

Roth MKM analyst Bill Kirk raised the firm’s price target on Boston Beer to $422 from $406 and keeps a Buy rating on the shares. The firm also has a “Top Pick” designation on the stock, the analyst tells investors in a research note. Roth MKM is positive on Boston Beer’s volume inflection, led by Twisted Tea and portfolio mix, the company’s input costs nearing deflation, and its production shifts to in house. The analyst adds that the current consensus expectations of about $11 EPS and 12.5% EBITDA margins are too low as Boston Beer is now gaining share of beer and given the company’s improving profitability.