UBS analyst Sean King upgraded Boston Beer Company to Buy from Neutral with a price target of $440, up from $415. The stock closed Monday down $11.20 to $373.12. The analyst expects continued double-digit sales and earnings growth from Boston Beer in fiscal 2020 and 2021, and sees upside to 2020 shipment and depletion guidance. Truly's "stellar" growth in fiscal 2019 failed to translate into meaningful earnings growth as the company's heavy reliance on co-packers weighed on margins, King tells investors in a research note partially titled "Truly Compounding Growth." However, this headwind will ease into fiscal 2020 with greater internal capacity coming, adds the analyst.

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.