SAM - Boston Beer gains after Jefferies takes a more positive stance

Jefferies turns more constructive on Boston Beer Company (SAM +1.8%) with an upgrade to a Hold rating from Underperfom. The firm thinks expectations for the hard seltzer business are now more reasonable. Recent data points are also noted to have improved, which could set up for a Q4 earnings surprise. The gross margin opportunity for SAM is seen as substantial. Boston Beer (NYSE:SAM) has outperformed the S&P 500 Index over the last six weeks as investors have given beverage stocks a harder look in general.

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Boston Beer gains after Jefferies takes a more positive stance