Prudential Securities has begun its coverage of Boston Beer Co. Inc., which includes the Sam Adams brand in its portfolio, with a "buy" rating.

The Prudential analyst, Jeffrey Kanter, said projected earnings growth of 12% over the next five years could be a conservative forecast. He also said that new launch, Sam Adams Light, looked like a "winner". Prudential has set a $20 price target on Boston Beer's shares.

Meanwhile, Boston Beer has announced the resignation of John B. Wing from its board of directors with immediate effect. Wing was one of the original investors in the company in 1984 and had been a board director since its initial public offering in 1995.