3 Beer Stocks: What This Analyst Thinks Is Brewing
3 Beer Stocks: What This Analyst Thinks Is Brewing
With consumer spending taking a hit on elevated interest rates, more economical alcohol brands, especially beer stocks, have been in focus.
随着利率上升使消费者支出受到打击，更经济的酒类品牌，尤其是啤酒股，一直是人们关注的焦点。
Analyst Michael Lavery of Piper Sandler initiated coverage of these three beer brands, highlighting their prospects.
派珀·桑德勒的分析师迈克尔·拉弗里开始了对这三个啤酒品牌的报道，重点介绍了其前景。
The Ratings:
评级：
- Molson Coors Beverage Co (NYSE:TAP): Neutral, with a price target of $69.
- Boston Beer Company Inc (NYSE:SAM): Overweight, with a price target of $350.
- Constellation Brands, Inc. (NYSE:STZ): Overweight, with a price target of $300.
- 莫尔森库尔斯饮料公司（纽约证券交易所代码：TAP）：中性，目标股价为69美元。
- 波士顿啤酒公司（纽约证券交易所代码：SAM）：增持，目标股价为350美元。
- Constellation Brands, Inc.（纽约证券交易所代码：STZ）：增持，目标股价为300美元。
Check out other analyst stock ratings.
查看其他分析师股票评级。
The Molson Coors Beverage Thesis: The company gained market share in 2023 at the expense of Anheuser-Busch Inbev SA's (NYSE:BUD) Bud Light and "we expect an outsized share lift for it through April 2024," Lavery said in the initiation note.
莫尔森·库尔斯饮料论文：拉弗里在启动说明中表示，该公司在2023年以牺牲安海斯-布希英博股份有限公司（纽约证券交易所代码：BUD）的Bud Light为代价获得了市场份额，“我们预计到2024年4月，其股价将大幅上涨。”
"We expect TAP to benefit from mix lifts from premiumization of its portfolio, but upside beyond beer looks smaller," the analyst wrote. "Margin expansion looks achievable to us, but its ongoing strike adds near-term disruption costs and some uncertainty," he added.
该分析师写道：“我们预计TAP将受益于其投资组合高端化带来的混合提振，但啤酒以外的上行空间似乎较小。”他补充说：“利润扩张对我们来说似乎是可以实现的，但其持续的罢工增加了短期的中断成本和一些不确定性。”
The Boston Beer Company Thesis: Twisted Tea and Hard Dew are expected to drive top-line growth, while Hard Mtn Dew could lend "significant upside vs. our estimates (and consensus), based on its initial traction in limited distribution," Lavery said.
拉弗里说，波士顿啤酒公司的论点：Twisted Tea和Hard Dew有望推动收入增长，而Hard Mtn Dew可能 “基于其在有限分配方面的初始吸引力，与我们的估计（和共识）相比具有显著的上升空间”。
"Smaller launches like Truly Unruly and Sun Cruiser can add to growth, too," the analyst stated. He expressed optimism around continued gross margin expansion driving robust earnings growth.
该分析师表示：“像Truly Unruly和Sun Cruiser这样的规模较小的产品也可以促进增长。”他对毛利率的持续增长推动强劲的收益增长表示乐观。
The Constellation Brands Thesis: The company is poised to benefit from "long-term, sustainable U.S. market share tailwinds, as Mexican imports, and its strong brands in particular, have been gaining share for many years," Lavery wrote in the note.
Constellation Brands论点：拉弗里在报告中写道，该公司有望从 “长期、可持续的美国市场份额中受益，因为墨西哥的进口，尤其是其强势品牌的份额多年来一直在增加”。
Constellation Brands invested around $550 million in R&D over the last five years and its "innovation tailwinds" could continue, the analyst said.
这位分析师表示，Constellation Brands在过去五年中在研发上投资了约5.5亿美元，其 “创新利器” 可能会持续下去。
"STZ is targeting 33-35% enterprise operating margins (F23: ~32%) for F25-F28, and we consider this achievable, with likely upside potential, though commodity input cost variations and other factors are medium-term unknowns," he added.
他补充说：“STZ的目标是F25-F28 的企业营业利润率为33-35％（F23：约32％），尽管大宗商品投入成本变化和其他因素是中期未知数，但我们认为这是可以实现的，可能具有上行潜力。”
TAM, SAM, STZ Price Action: Molson Coors Beverage shares were up 0.21% at $67.23, Boston Beer Company shares were up 1.32% at $298.47 and Constellation Brands were down 0.60% to $267.73 at the time of publication on Friday.
TAM、SAM、STZ价格走势：周五发布时，莫尔森库尔斯饮料股价上涨0.21％，至67.23美元；波士顿啤酒公司股价上涨1.32％，至298.47美元；星座品牌股价下跌0.60％，至267.73美元。
Photo: Shutterstock
照片：Shutterstock