UPDATE: Citigroup Initiates Boston Beer Company at Neutral on Pricing Caution

Citigroup initiated coverage on Boston Beer Company (NYSE: SAM) with a Neutral rating and a $152 price target. Citigroup commented, "SAM offers unique exposure to the craft beer category. And, while we are encouraged by the recent upward revisions to SAM's CY12 and CY13 guidance, we remain cautious on the pricing environment for higher-end craft beers, as well as the company's expectation for gross margin pressure in CY13. As such, we believe the advantaged nature of SAM's portfolio exposure is largely reflected in SAM's share price, with the stock trading at a 22.7x forward P/E multiple."Boston Beer Company closed at $139.24 on Wednesday.