Goldman Sachs Upgrades Beam Inc (BEAM) to Conviction Buy

Goldman Sachs upgraded Beam Inc (NYSE: BEAM) from Neutral to Buy and is adding the stock to its Conviction Buy List. The firm set a price target of $50, suggesting 19% upside.

The firm said BEAM offers above-average top-line growth potential and low-double-digit EPS growth over the next few years, citing: "(1) its attractive positioning within the growing bourbon category, (2) market share gains driven by stepped up investment and new innovation, (3) mid-teens EM sales growth, and (4) below-the-line leverage with a strong FCF profile driving $200 mn in buybacks over each of the next three years."

Goldman also said BEAM is an appearing potential M&A target, which provides support for the shares.

For more ratings news on Beam Inc click here and for the rating history of Beam Inc click here.

Shares of Beam Inc closed at $43.25 yesterday.

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