Boston Beer Company (SAM) PT Raised to $1,550 at Goldman Sachs on Truly Momentum and Hard Seltzer Advantage

April 23, 2021 8:55 AM EDT
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Price: $1,010.02 +0.58%

Rating Summary:
    9 Buy, 13 Hold, 3 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 14 | Down: 9 | New: 25
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Goldman Sachs analyst Bonnie Herzog raised the price target on Boston Beer Company (NYSE: SAM) to $1,550.00 (from $1,375.00) after the company reported top & bottom line Q1 results that exceeded the analyst's above consensus expectations.

The analyst reiterated a Buy rating, stating "given Truly’s continued momentum & mgmt’s bullish expectations for new product launches such as Truly Extra (launched 3/8) and Truly Punch (launches in May/Q2), mgmt increased its full year guidance as we expected, including shipment/depletion growth of 40-50% (up from 35-45% prior) and EPS of $22.00-$26.00 (vs $20.00-$24.00 prior), implying impressive 2021 EPS growth of +42%-67% (up from +29-55% prior). Given the momentum behind Truly/Twisted Tea, we raise our 2021/22 EPS ests by $1.68/$1.90 to $25.09/$35.00, implying EPS growth of +61.6%/+39.5%. Bottom line, we continue to view SAM’s advantage in hard seltzer – one of the few big growth opportunities in alcoholic beverages".

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