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

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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.

Latest Ratings for SAM

DateFirmActionFromTo
Jan 2017William BlairDowngradesOutperformMarket Perform
Oct 2016BerenbergDowngradesHoldSell
Sep 2016Cowen & Co.DowngradesMarket PerformUnderperform

View More Analyst Ratings for SAM
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Initiation Pre-Market Outlook Analyst Ratings

 

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