UPDATE: Deutsche Bank Color On SAM Q4

Deutsche Bank, which lowered its PT on shares of Boston Beer Company SAM, is providing some color on the stock.

“Q4 reflected solid ongoing volume/margin momentum, but undershot high expectations,” Deutsche Bank writes. “We calculate underlying EPS $0.79 vs. DB $0.90, and results missed our estimate on shipments (+7% vs. 11%), revenue ($116m vs. $120m) and EBIT 17m vs. $21m).

“Gross margin leverage continues to improve, commodity visibility is good, and consumer demand strong (depletions +13%, with +9% projected for 2011). However marketing investment is tracking higher and the Freshness program adds cost pressure. We lower 2011 EPS from $3.96 to $3.80; still modeling 7-8% revenue but adding onto SG&A.”

SAM closed Tuesday at $94.01.