Boston Beer price target lowered to $240 from $275 at Piper Sandler

Piper Sandler lowered the firm’s price target on Boston Beer (SAM) to $240 from $275 and keeps a Neutral rating on the shares. The firm notes Sun Cruiser continues to hold promise for 2025, and marketing spending is rising. Piper considers it an attractive way to drive premiumization in hard tea. The firm had expected Hard Mtn Dew to drive incremental upside as it launched nationally, and it continues to ramp up in Boston Beer’s distribution network, but success will likely take several years to build.