Boston Beer (NYSE:SAM) Upgraded by Citigroup to “Buy” Rating

Boston Beer (NYSE:SAM) was upgraded by Citigroup from a “neutral” rating to a “buy” rating in a research report issued on Thursday, MarketBeat.com reports. The firm currently has a $280.00 price objective on the stock, up from their previous price objective of $265.00. Citigroup’s price objective points to a potential upside of 27.83% from the company’s current price.

A number of other equities analysts have also commented on the company. UBS Group reduced their price objective on Boston Beer from $315.00 to $290.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Needham & Company LLC assumed coverage on Boston Beer in a research note on Friday, December 6th. They issued a “hold” rating on the stock. Piper Sandler reduced their price objective on Boston Beer from $275.00 to $240.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. Morgan Stanley reduced their price objective on Boston Beer from $290.00 to $270.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 26th. Finally, Roth Mkm reissued a “buy” rating and issued a $349.00 price objective (down previously from $389.00) on shares of Boston Beer in a research note on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $292.40.

Boston Beer Price Performance

Shares of SAM stock opened at $219.04 on Thursday. The firm has a market cap of $2.46 billion, a price-to-earnings ratio of 32.21, a P/E/G ratio of 1.23 and a beta of 1.14. The stock’s fifty day simple moving average is $241.07 and its 200 day simple moving average is $276.29. Boston Beer has a one year low of $215.10 and a one year high of $339.77.

Institutional Investors Weigh In On Boston Beer

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Quest Partners LLC bought a new stake in Boston Beer in the third quarter valued at about $339,000. First Horizon Advisors Inc. increased its holdings in Boston Beer by 105.1% in the third quarter. First Horizon Advisors Inc. now owns 121 shares of the company’s stock valued at $35,000 after purchasing an additional 62 shares during the last quarter. Landscape Capital Management L.L.C. bought a new stake in Boston Beer in the third quarter valued at about $317,000. Great Valley Advisor Group Inc. increased its holdings in Boston Beer by 8.5% in the third quarter. Great Valley Advisor Group Inc. now owns 867 shares of the company’s stock valued at $251,000 after purchasing an additional 68 shares during the last quarter. Finally, Cerity Partners LLC bought a new stake in Boston Beer in the third quarter valued at about $2,750,000. Institutional investors own 81.13% of the company’s stock.

About Boston Beer

The Boston Beer Company, Inc produces and sells alcohol beverages primarily in the United States. The company's flagship beer is Samuel Adams Boston Lager. It offers various beers, hard ciders, flavored malt beverages, and hard seltzers under the Samuel Adams, Twisted Tea, Truly, Angry Orchard, Dogfish Head, Angel City, and Coney Island brand names.