Goldman Sachs Sees Continued Upside for Boston Beer Company (SAM) on Truly Strength, PT Raised to $1,375
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Goldman Sachs analyst Bonnie Herzog raised the price target on Boston Beer Company (NYSE: SAM) to $1,375.00 (from $1,200.00) after the company reported net revenue growth of +53% y/y (vs expectations for +51.5%). The strength was led by shipment volume growth of +54.0% that exceeded expectations as Truly volumes continue to surge, up triple-digits throughout 2020,
The analyst reiterated a Buy rating, stating "as momentum behind Truly continues to build, mgmt expects the category to almost double this year and reach 15%+ of the beer category. This is consistent with our deep dive analysis and given the increased visibility this year, we came away incrementally more bullish on the stock. As such, we’re raising our FY21/FY22 EPS estimates by +5%/+12% to $23.41/$33.09 (+69.4%/+50.8% growth) and our Price Target by 15% to $1375."
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