Goldman Says Underestimated Angry Orchard, Upgrades Boston Beer (SAM) to Neutral

June 12, 2013 7:20 AM EDT
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Price: $153.20 -1.38%

Rating Summary:
    2 Buy, 11 Hold, 6 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Goldman Sachs upgraded Boston Beer Company (NYSE: SAM) from Sell to Neutral with a price target of $162.00 (from $141.00).

Analyst Judy E. Hong said, "We significantly underestimated the success of Angry Orchard. In less than 12 months, Angry Orchard went from not existing to having a 40%+ share of the burgeoning cider segment and we now forecast Angry Orchard to make up 20% of SAM's volume by the end of 2015."

For an analyst ratings summary and ratings history on Boston Beer Company (NYSE: SAM) click here. For more ratings news on Boston Beer Company click here.

Shares of Boston Beer Company closed at $156.49 yesterday.

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