Why Boston Beer Got a 20% Target Price Upside From Cowen While at Its Historic High
Though Boston Beer (NYSE: SAM) has been trading well north of $500 per share, much higher than at any other point in its 36-year history, financial services company and investment bank Cowen (NASDAQ: COWN) expects it to climb significantly higher. Rated "outperform," Boston Beer also has a price target of $650, a more than 20% upside compared to its current share price of around $531 in morning trading.
Cowen endorsed Boston Beer as its No. 2 stock pick overall. Analyst Vivien Azer said in a research note, "SAM is well positioned to benefit from current market dynamics within U.S. alcohol." She furnished additional detail, saying because of "its Truly brand, the company has established itself as the clear number 2 player within hard seltzer, the fastest growing category in total beverage alcohol, while also commanding a market leading position in hard tea, another high growth category."
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Source Fool.com
