Samuel Adams brewer rallies as analyst cites defensive nature of beer stocks
Shares of Boston Beer Co. Inc. SAM, +3.54% rose 2.3% in morning trading Tuesday, after the Samuel Adams beer and Truly hard seltzer parent was upgraded by MKM Partners analyst Bill Kirk, who said the beer industry typically holds up"remarkably well" during economic weakness. Kirk raised his rating to buy from neutral and maintained his stock price target at $351, which was about 12% above current levels. Kirk said research showed that U.S. beer volumes grew 0.
5% over the 12 months ending August 2009, with Boston Beer volumes growing every quarter during that last recession. He expects the impact of the COVID-19 pandemic will effectively be neutral."As bars/restaurants close, beer consumption shifts to at-home," Kirk wrote in a note to clients."As long as grocery stores and liquor stores remain open, we don't expect aggregate beer volumes to be meaningfully impacted." The stock has lost 23.
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