UPDATE: Stifel Nicolaus Upgrades Beam to Buy, Names $80 PT on Multiple Positive Factors

In a report published Thursday, Stifel Nicolaus analyst Mark Swartzberg upgraded the rating on Beam

from Hold to Buy, and named an $80.00 price target. In the report, Swartzberg noted, “We are lifting our estimates, upgrading to Buy, and establishing a 12-month target price of $80 per share, reflecting our favorable sector outlook, increased estimates, and higher confidence BEAM will ultimately be sold. The bear case on BEAM revolves around multiples (e.g., 13.9x 2014E EBITDA), especially if the top line slows for sector or company-specific reasons or both. However, unlike many CPGs, BEAM's 1Q handily beat consensus revenue estimates for North America (by 2%) in a quarter predicted as soft by management.” Beam closed on Wednesday at $68.63.