UPDATE: Deutsche Bank Color On SAM Q4

Deutsche Bank, which lowered its PT on shares of Boston Beer Company (NYSE: SAM), is providing some color on the stock.

“Q4 reflected solid ongoing volume/margin momentum, but undershot high expectations,” Deutsche Bank writes. “We calculate underlying EPS $0.79 vs. DB $0.90, and results missed our estimate on shipments (+7% vs. 11%), revenue ($116m vs. $120m) and EBIT 17m vs. $21m).

“Gross margin leverage continues to improve, commodity visibility is good, and consumer demand strong (depletions +13%, with +9% projected for 2011). However marketing investment is tracking higher and the Freshness program adds cost pressure. We lower 2011 EPS from $3.96 to $3.80; still modeling 7-8% revenue but adding onto SG&A.”

SAM closed Tuesday at $94.01.