SAM - Boston Beer gains after Roth MKM points to summer turnaround

2023-05-30 08:11:43 ET

Roth MKM upgraded Boston Beer ( NYSE: SAM ) to a Buy rating from Neutral on Tuesday. The firm thinks Seltzer and Truly will benefit in the summer from Bud Light share losses and forecasts a gross margin lift from production shift that will be realized in Q2.

Analyst Bill Kirk: "Consensus expects 1Q trends to continue through 2023. However, we now anticipate shipments/depletions upside to consensus expectations, and a separate opportunity for gross margin upside."

The improvement in key areas of the Boston Beer ( SAM ) business is anticipated to shift the investor focus back to the growing Twisted Tea business.

Roth MKM lifted its price target on SAM to $356. Shares of Boston Beer ( SAM ) moved up 1.42% in premarket trading to $322.35 vs. the 52-week trading range of $287.00 to $422.75.

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