Jefferies Cuts Price Target on Boston Beer Co. (SAM) to $140 Following Weak 3Q

Jefferies maintained a Hold rating on Boston Beer Company (NYSE: SAM), and cut the price target to $140.00 (from $151.00), following the company's 3Q earnings report. EPS of $2.48 came in below the Street's estimate of $2.55. SAM's revenues came in -9% below Street estimates on -8% depletion declines.

Analyst Kevin Grundy commented, "SAM's 3Q EPS of $2.48 came in below Street est. of $2.55 with better GM%/ AP&S partially offsetting a big topline miss (-9.1%). The industry is slowing and remains fiercely competitive, driving another downward revision to SAM's depletions guidance (7th in 8 qtrs). A return to depletion growth in FY17 may prove to be elusive, but a burgeoning focus on productivity is encouraging. Cutting FY17-18 EBITDA est. by 9% post-3Q. Hold, PT to $140."

For an analyst ratings summary and ratings history on Boston Beer Company click here. For more ratings news on Boston Beer Company click here.

Shares of Boston Beer Company closed at $156.25 yesterday.

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