SAM - Boston Beer tops $1K as analysts back even more upside

Boston Beer (SAM) is up 9.79% after strong Q3 results to cross over the $1,000 mark for the first time. Wall Street analysts are positive on SAM after the print. Evercore ISI's Eric Serotta: "Raising 2020-22 estimates and base-case price target to $1,200 following 3Q beat and substantially above consensus 2020 and 2021 guidance. While the stock traded +10% to >$1,00 after hours, we see further upside over the next 12 months, as sales and earnings growth continue to blow past bullish investor expectations. We believe the recent moderation in hard seltzer category growth to ~100% reflects tough comps, the larger base, and continued supply constraints, rather than demand fatigue." Cowen's Vivien Azer: "Full year guidance on revenues and EPS goes up; 2021 preliminary guidance for 35-45% depletion growth is ahead of consensus revenue growth of ~+30%. Reiterate SAM as our Top Pick; raising PT to $1,250... We expect continued

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Boston Beer tops $1K as analysts back even more upside