Credit Suisse analyst Kaumil Gajrawala upgraded Boston Beer to Outperform from Neutral with a price target of $525, up from $400. After speaking to a series of category buyers, beer distributors and industry participants, the analyst sees "staying power" of hard seltzer. Gajrawala expects hard seltzer to double this year and grow to 8%-10% of beer industry volume by 2023 versus 2.6% share today. Mark Anthony Brands' White Claw and Boston Beer's Truly are likely to be the biggest beneficiaries, with 59% and 26% share respectively, the analyst tells investors in a research note. The category growth "overwhelms" Truly's share losses and margin contraction, contends Gajrawala.