Goldman Sachs Lowers PT On SAM

Goldman Sachs has lowered its price target on The Boston Beer Company

from $94 to $90 based upon lower estimates to reflect a 1Q11 miss. In the report, Goldman Sachs cites three reasons for the lowered estimates: ‘(1) We expect depletion growth of around 8.4% for the full year… (2) Higher freight costs could pose earnings risk…[and] (3) Mid- to high-single digit sales growth outlook remains intact long term.” Goldman Sachs maintains a Neutral rating on the stock. SAM closed yesterday at $90.71.