SAM - Boston Beer rallies after landing new Street-high price target from Guggenheim

Guggenheim reiterates a Buy rating on Boston Beer ([[SAM]] +3.9%) and keeps it labeled as one of its top growth picks.Analyst Laurent Grandent and team continue to expect the Truly brand to double in 2021 and gain market share with help from the new Truly Tea launch that is off to a strong start in January.Those sales are seen feeding the bottom line at Boston Beer."Our top-line growth estimates remain above management guidance, and we see strong margin expansion over the coming years – our EPS estimates are 19% and 42% above consensus in FY21 and FY22, respectively. We are increasing our EPS estimates in FY20 / FY21 / FY22 to $15.93 / $27.04 / $41.42 (prev $15.77 / $26.86 / $40.69) and introducing our FY23 estimate of $53.85."Guggenheim pushes its price target on Boston Beer up to $1,400, which is a new high on the Street.

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Boston Beer rallies after landing new Street-high price target from Guggenheim