UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Boston Beer Co.

In a report published Friday, Deutsche Bank reiterated its Hold rating on Boston Beer Co.

, and raised its price target from $102.00 to $107.00. Deutsche Bank noted, “Underpromise, overdeliver. Q3 results and revised guidance reaffirm a view that the company can sustain high-single-digit revenue and keep shaking off skeptics, with a combination of moderate pricing, innovation, and channel expansion. It is also putting money where its mouth is, with another large round of capex. We raise estimates and target, with a Hold rating based on full valuation (23x P/E), and a more conservative outlook on long-term beer prospects.” Boston Beer Co. closed on Thursday at $108.00.