Boston Beer initiated with a Hold at Needham

Needham initiated coverage of Boston Beer (SAM) with a Hold rating and no price target For the shares to work, the company is going to have to demonstrate the ability to grow volumes and expand margins, the analyst tells investors in a research note. The firm says that while Twisted Tea continues to gain market share and Truly has become a much less meaningful part of the portfolio, Boston Beer’s sales growth algorithm is “simply too concentrated around one brand who plays in a category that will continue to see increased competition.”