Boston Beer price target lowered to $276 from $282 at Roth MKM

Roth MKM analyst Bill Kirk lowered the firm’s price target on Boston Beer to $276 from $282 and keeps a Neutral rating on the shares. The company’s Q4 beat on net sales but its margins disappointed and its initial 2023 guidance calls for a volume contraction as well as continued subdued gross margins, the analyst tells investors in a research note. The firm notes that valuation on the stock is "wrong" given Boston Beer’s "multi-year contraction".