Anheuser-Busch - Neutral Rated
Feinseth does not see many catalysts for Anheuser-Busch as volume trends in the company's largest market-- North America --continue to weaken. Moreover, he noted that his greatest concern is that the company is "veiling" these trends through acquisitions.
To reverse this, Feinseth said the company will roll out a big marketing push. However he remains skeptical due to "strong" competition from craft beers, wine, and spirits.
Boston Beer Company - Buy Rated
Feinseth believes Boston Beer Co. is well-positioned for growth due to a "thriving" craft beer market.
Despite higher operational cost due to expansion and efficiency initiatives, Feinseth said he remains confident in management's ability to continue to generate value and a strong ROC.
In addition to the craft beer market, Feinseth pointed out that Boston Beer Co. is leading the growing cider market with it Angry Orchard product line.
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