Jefferies analyst Kevin Grundy bumped his price target on Boston Beer Company (NYSE: SAM) to $151.00 (from $145.00) following results by maintained a Hold rating.

Grundy commented, "SAM's 2Q EPS of $2.06 came in ahead of $1.91 Street est. as both revs (+2.6%) and OI margins (+70 bps) beat expectations. However, with the environment still fiercely competitive in crafts, SAM lowered its depletions guide (6th time in 7 qtrs) to -4%-0% (vs. -4-+2%) with little visibility given -4% decline YTD. Revised EPS guide of $6.40-$7.00 is in line with $6.70 Street est. Edging up PT to $151, though we remain on the sidelines."

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Shares of Boston Beer Company closed at $164.74 yesterday.