Morgan Stanley raised the firm’s price target on Boston Beer to $290 from $275 and keeps an Underweight rating on the shares following a Q1 topline and EPS beat. While the firm expects a positive initial reaction to Q1 results with a headline depletions beat and solid gross margin upside, it stays Underweight as it notes year-to-date depletions are still running down 2% year-over-year, which is slightly worse than consensus, and Twisted Tea growth is continuing to slow in scanner data.
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