Boston Beer upgraded to Market Perform from Underperform at Bernstein

Bernstein upgraded Boston Beer to Market Perform from Underperform with a price target of $335, up from $280. Boston Beer is now a Twisted Tea story and Truly is showing some signs of improvement, the analyst tells investors in a research note. Truly continues to be in meaningful decline, though its rate of decline has now moderated and it’s increasingly accounting for a smaller proportion of the company’s portfolio, says the firm. Bernstein expects Boston Beer’s volume growth to turn positive in 2024 as declines in Truly are more than offset by growth in Twisted Tea, and modestly accelerate afterward.