TAP - Constellation Brands Boston Beer and Molson Coors gain after Bernstein says don't avoid beer stocks

Bernstein turns constructive on beer stocks with initiations on Constellation Brands (STZ), Molson Coors (TAP) and Boston Beer (SAM) at Outperform. Analyst Trevor Stirling sees upside for beer companies as they find strong growth in super-premium domestic beer, select Mexican import brands and hard seltzers. "In our view, there is no structural reason to avoid US beer," he writes. Importantly, like-for-like pricing for beer producers is noted to have matched consumer price inflation. Bernstein assigns a price target on Constellation of $305 (29% upside), a PT on Molson Coors of $74 (28% upside) and a PT on Boston Beer of $1,340 (27% upside). Premarket action: SAM +1.58%, TAP +1.15%, STZ +1.07%. Compare Constellation Brands, Molson Coors and Boston Beer side by side.

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Constellation Brands, Boston Beer and Molson Coors gain after Bernstein says don't avoid beer stocks