Why Boston Beer Stock Was So Frothy on Thursday
On Thursday, plenty of investors bellied up to the bar to put money into Boston Beer (NYSE: SAM) stock. Best known as the brewer of the Samuel Adams line of suds, the company received a recommendation upgrade from a top U.S. bank tracking its fortunes. In mid-afternoon trading, Boston Beer's share price was up by more than 3%.Well before the market open that morning, Citigroup's Filippo Falorni pushed his Boston Beer recommendation up one peg, to buy from the previous neutral. He also raised his price target on the beverage stock, to $280 per share from $265. According to reports, Falorni believes that the company's upcoming launch of Sun Cruiser, a new line of canned vodka cocktails, will be a catalyst for growth given the heavy advertising spend bolstering the brand. Assisting this will be what the analyst feels should be improvements in the sales of other company brands, such as its Truly "hard" (i.e., alcohol-infused) seltzer. Continue reading
On Thursday, plenty of investors bellied up to the bar to put money into Boston Beer (NYSE: SAM) stock. Best known as the brewer of the Samuel Adams line of suds, the company received a recommendation upgrade from a top U.S. bank tracking its fortunes. In mid-afternoon trading, Boston Beer's share price was up by more than 3%.
Well before the market open that morning, Citigroup's Filippo Falorni pushed his Boston Beer recommendation up one peg, to buy from the previous neutral. He also raised his price target on the beverage stock, to $280 per share from $265.
According to reports, Falorni believes that the company's upcoming launch of Sun Cruiser, a new line of canned vodka cocktails, will be a catalyst for growth given the heavy advertising spend bolstering the brand. Assisting this will be what the analyst feels should be improvements in the sales of other company brands, such as its Truly "hard" (i.e., alcohol-infused) seltzer.
