UPDATE: Citigroup Initiates Craft Brew Alliance at Neutral on Competition, Pricing Concerns
December 20, 2012 at 07:51 AM EST
Citigroup initiated coverage on Craft Brew Alliance (NASDAQ: BREW ) with a Neutral rating and a $7 price target. Citigroup noted, "BREW offers the most concentrated exposure to the craft beer category. However, the company is facing stiff competition, and continues to evolve its pricing and positioning strategy.