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.
隨着利率上升使消費者支出受到打擊，更經濟的酒類品牌，尤其是啤酒股，一直是人們關注的焦點。
Analyst Michael Lavery of Piper Sandler initiated coverage of these three beer brands, highlighting their prospects.
派珀·桑德勒的分析師邁克爾·拉弗裏開始了對這三個啤酒品牌的報道，重點介紹了其前景。
The Ratings:
評級：
- 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.
- 莫爾森庫爾斯飲料公司（紐約證券交易所代碼：TAP）：中性，目標股價爲69美元。
- 波士頓啤酒公司（紐約證券交易所代碼：SAM）：增持，目標股價爲350美元。
- Constellation Brands, Inc.（紐約證券交易所代碼：STZ）：增持，目標股價爲300美元。
Check out other analyst stock ratings.
查看其他分析師股票評級。
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.
莫爾森·庫爾斯飲料論文：拉弗裏在啓動說明中表示，該公司在2023年以犧牲安海斯-布希英博股份有限公司（紐約證券交易所代碼：BUD）的Bud Light爲代價獲得了市場份額，“我們預計到2024年4月，其股價將大幅上漲。”
"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.
該分析師寫道：“我們預計TAP將受益於其投資組合高端化帶來的混合提振，但啤酒以外的上行空間似乎較小。”他補充說：“利潤擴張對我們來說似乎是可以實現的，但其持續的罷工增加了短期的中斷成本和一些不確定性。”
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.
拉弗裏說，波士頓啤酒公司的論點：Twisted Tea和Hard Dew有望推動收入增長，而Hard Mtn Dew可能 “基於其在有限分配方面的初始吸引力，與我們的估計（和共識）相比具有顯著的上升空間”。
"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.
該分析師表示：“像Truly Unruly和Sun Cruiser這樣的規模較小的產品也可以促進增長。”他對毛利率的持續增長推動強勁的收益增長表示樂觀。
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論點：拉弗裏在報告中寫道，該公司有望從 “長期、可持續的美國市場份額中受益，因爲墨西哥的進口，尤其是其強勢品牌的份額多年來一直在增加”。
Constellation Brands invested around $550 million in R&D over the last five years and its "innovation tailwinds" could continue, the analyst said.
這位分析師表示，Constellation Brands在過去五年中在研發上投資了約5.5億美元，其 “創新利器” 可能會持續下去。
"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.
他補充說：“STZ的目標是F25-F28 的企業營業利潤率爲33-35％（F23：約32％），儘管大宗商品投入成本變化和其他因素是中期未知數，但我們認爲這是可以實現的，可能具有上行潛力。”
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價格走勢：週五發佈時，莫爾森庫爾斯飲料股價上漲0.21％，至67.23美元；波士頓啤酒公司股價上漲1.32％，至298.47美元；星座品牌股價下跌0.60％，至267.73美元。
Photo: Shutterstock
照片：Shutterstock