Roth Capital analyst Anton Brenner says Craft Brew Alliance's (BREW) shares have appreciated sharply recently, largely on speculation of an acquisition of the company, or of the fast-growing Kona brand, fueled by Anheuser-Busch Inbev's (BUD) 32% ownership of Craft Brew. The analyst notes that such a transaction suggests "significant upside potential." Nonetheless, he reiterates a Buy rating on Craft Brew's shares with a $15 price target primarily on the expectation of an acceleration in volume growth and profit margin expansion over the next three years.