Boston Beer price target lowered to $230 from $235 at Jefferies

Jefferies lowered the firm’s price target on Boston Beer (SAM) to $230 from $235 and keeps a Hold rating on the shares. After a “soft” Q1, the firm says self-help initiatives are working and gross margins continue to expand despite negative volumes and higher input costs, which is “encouraging,” but adds that execution for core brands needs to improve as the portfolio continues to lag the category.