UPDATE: Goldman Sachs Reiterates Sell, Raises PT to $123 on Boston Beer Company on Guidance Raise

Goldman Sachs reiterated its Sell rating on Boston Beer Company

but raised its price target from $104 to $123. Goldman Sachs noted, "SAM issued a press release after the close, raising its 2012 EPS guidance to $4.30-$4.60 from $3.80-$4.20 (GS at $4.20 and consensus at $4.18), driven by higher shipment volume and SG&A timing. The company also increased 2012 depletion guidance to 11-13% from 8-10% prior and 2013 depletion growth projections to 10-15% from prior high single-digit guidance. We raise our estimates to reflect higher volume growth." Boston Beer Company closed at $114.23 on Wednesday.