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Fly News Breaks for September 26, 2019
SAM
Sep 26, 2019 | 04:59 EDT
BMO Capital analyst Amit Sharma upgraded Boston Beer to Outperform from Market Perform and raised his price target for the shares to $410 from $350. Truly is "primed to capture" strong consumer demand and higher distribution/shelf space for hard seltzer, Sharma tells investors in a research note. In his base-case scenario, Truly could post 80% growth in 2020 and 30% annually over the next five years. The analyst believes Boston Beer's earnings per share in 2020 could approach $13, 20% above the consensus of $10.78, even with sequentially lower Truly growth. This makes the valuation "highly attractive" given Boston Beer's 20% and 30% sales and earnings growth outlook over the next three years, says Sharma.
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