Boston Beer climbs to 5-mth high after Q2 revenue beat

Boston Beer

28/07/2023 15:38

(Updates)
    ** Shares of Sam Adams-owner Boston Beer  SAM.N  jump ~21%
to an over five-month high of $377.99
    ** Stock on course for best day since October 21, 2022, if
gains hold
    ** On Thursday, co's Q2 net revenue of $603.3 million beat
estimates of $591.8 million - Refinitiv
    ** SAM says strong Twisted Tea sales growth helped offset
declines in its hard seltzer brands such as Truly
    ** Gross margin increased 230 bps to 45.4%, vs 43.1% a year
ago, as co benefited from higher pricing 
    ** SAM reiterates outlook on annual earnings, depletion and
shipment expectations 
    ** At least four brokerages raise PT on stock; median PT of
14 analysts is $326.50 - Refinitiv
    ** Up to last close, stock had fallen ~5% YTD

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com;))