Boston Beer price target lowered to $245 from $270 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Boston Beer (SAM) to $245 from $270 and keeps an Equal Weight rating on the shares after the company reported a large Q2 EPS beat and reiterated FY25 EPS guidance, excluding tariffs. While the firm is raising its FY25 EPS forecast by 4% to reflect the Q2 upside and higher gross margins, its FY26 EPS estimates remain largely unchanged and it expects continued headwinds for the Twisted Tea brand, adding that is lowering its price target to reflect multiple compression in the alcohol space.