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Thursday, December 13, 2012 10:00:40 PM
10:04 AM ET 12/13/12 | Briefing.com
UBS notes when SAM reported 3Q12 EPS of $1.53 vs. cons of $1.34, they left full year guidance unchanged. Last night, SAM increased full year EPS guidance to $4.30-$4.60 (from $3.80-$4.20) on increased shipment volumes. Consensus had been $4.21. SAM also increased 2013 depletions growth guidance to 11-13% from HSD. Without better details around increased outlook, improvement in the core's performance can not be ascertained. Boston Beer's successful history of innovation, has previously produced earnings upside, but UBS still contends the multiple is too rich for the innovation risk. Without more color on the sustainability of depletions growth, UBS remains Sell rated. Tgt to $111 from $99.
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