UPDATE: Jefferies Raises PT to $103 on Boston Beer Company; Strong Volume

Jefferies increases its price target from $97 to $103 on Hold-rated Boston Beer Company

as 2012 volumes should prove strong and meet expectations. Jefferies notes, "Volume drives the multiple, and while we may be below the most bullish estimates, 2012 looks able to meet expectations. We see support for +6-7% behind beer line extensions, Tea, Cider roll-out, growth in c-stores, improving bar/restaurants. But stock is above target and at 23x looks fully valued for ~10% EPS, particularly as beer trails craft category & faces negative mix." SAM closed at $109.01 on Wednesday.