Goldman Sachs analyst Judy Hong swapped two ratings in Americas Beverages by downgrading Dean Foods (DF) to Sell from Neutral and upgrading Boston Beer (SAM) to Neutral from Sell. Dean's exposure to fluid milk and broader dairy is unfavorable, as both are seeing pressure on volumes and incremental pricing pressure, Hong tells investors in a research note. The analyst's estimates are below consensus to reflect recent Food Lion contract losses and limited flow-through of cost savings. She cut her price target for Dean shares to $8 from $10. To reflect an improving near-term volume outlook, Hong also upgraded Boston Beer to Neutral and raised her price target for the shares to $223 from $181. This year's new products, Rose Cider and Sam 76 Ale, improve Boston Beer's near-term product cycle while Truly Spiked Seltzer and Twisted Tea still have room for distribution gains, Hong tells investors in a research note.

amuel Adams is excited to announce its three-year partnership with the Pan-Mass Challenge as the official beer and non-alcoholic beer offering. The sponsorship will include the award-winning non-alcoholic portfolio of Just The Haze IPA and Golden Lager, as well as fan favorites such as Boston Lager, Summer Ale and more.

Sees depletions and shipments percentage change down low single digit to up low single digit. Sees price increases 1%-2%. Sees capital spending $90M-$110M.