Citi analyst Filippo Falorni upgraded Boston Beer (SAM) to Buy from Neutral with a price target of $280, up from $265. The firm now sees a clearer path towards volume and sales growth for Boston Beer post the better than expected flat depletions in 2025-to-date ahead of the national launch of Sun Cruiser in the first half of 2025 with significant advertising spend behind the brand. Following three years of negative depletions on the cycling of the hard seltzer boom, Citi sees the potential for a return to volume growth in 2025 with slightly improving Truly trends, normalizing Twisted Tea growth, and the Sun Cruiser contribution, the analyst tells investors in a research note.
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