11 August, 2006

USA: Boston Beer Co. shares jump 7% after strong 2Q results, financial analysts maintain ‘overweight’ rating

Boston Beer Co. Inc. shares rose 7 percent to an all-time high on Wednesday, a day after the brewer of Samuel Adams beer reported better than expected quarterly profit and raised its full-year earnings outlook, Reuters unveiled August 09.

The news prompted Prudential Equity Group to raise its price target on the stock to $33 from $30, citing the better than expected volume growth and pricing increases that boosted quarterly net income by 55 percent. Accordingly, analysts at Prudential Financial maintained August 09 their "overweight" rating on The Boston Beer Company, while raising their estimates for the company.

The Boston-based brewer said it now expects full-year earnings of $1.16 to $1.31, excluding stock option expenses expected to range from 6 cents to 11 cents per share. It had earlier forecast a range of $1.10 to $1.18, excluding items.

Boston Beer's shares were up $2.00 at $31.00 August 09 in early afternoon trading on the New York Stock Exchange.

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