Analyst Bill Kirk estimates more than 20% upside for Boston Beer's shares ahead of summer 2023.
As the summer approaches, Roth thinks investors should buy shares of Boston Beer . Analyst Bill Kirk upgraded shares to buy from neutral. His new price target of $386 implies shares rallying more than 21% from where they closed Friday. The bank was previously cautious on the beverage group's shares — but it now says warmer weather and gross margin improvements make it optimistic. "As innovation contributions unwind, SAM experiences business contraction and significant deleverage.
"We believe Seltzer and Truly will benefit in the summer from Bud Light share losses and gross margin lift from production shift will be realized in 2Q ," he added. Kirk also said that Boston Beer has a long track record as a leader in many of the emerging growth segments in the alcoholic beverage sector. "With the success comes large volatile swings in the business and share price. We believe volatility will ease and topline and margin upside will begin a period of upside.
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