Boston Beer Company (SAM) PT Lowered to $240 at Piper Sandler Amid 'Sluggish Momentum'

Piper Sandler analyst Michael Lavery lowered the price target on Boston Beer Company (NYSE: SAM) to $240.00 (from $275.00) while maintaining a Neutral rating.

The analyst commented: "Momentum Still Sluggish, But Sun Cruiser Expansion, More Marketing Coming; Sun Cruiser continues to hold promise for 2025, and marketing spending is rising. We consider it an attractive way to drive premiumization in hard tea. We had expected Hard Mtn Dew to drive incremental upside as it launched nationally, and it continues to ramp up in SAM’s distribution network, but success will likely take several years to build. Twisted Tea's sales growth has slowed meaningfully in recent months, from +12.0% in Summer's 12 weeks to +4.4% in the latest 12 weeks. We lower our 2025E EPS from $11.35 to $9.50, our 2026E EPS from $13.75 to $12.00, and our target from $275 to $240 (still ~20.0x EPS)."

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