Boston Beer price target lowered to $349 from $389 at Roth MKM

Roth MKM lowered the firm’s price target on Boston Beer (SAM) to $349 from $389 but keeps a Buy rating on the shares after its Q4 earnings miss. The firm is encouraged by Boston’s depletions acceleration, but enthusiasm for strong volumes is partially muted by a lower-than-expected earnings guide, the analyst tells investors in a research note. While increased marketing offsets gross margin expansion, Boston’s instincts for when to lean in to marketing opportunities have been strong, Roth adds.