CLSA Still Bullish on Boston Margin, Innovations; “Buy Over Build” in the West?

Dear Client: CLSA has been pretty bullish on Boston Beer, maintaining a "buy" rating despite the Sam Adams brand volumes having dipped 5% in 1H15 in retail channels. But today's note points out a few tailwinds (and explications) after the firm's recent meeting with CFO Bill Urich and CEO Martin Roper: BRAND NOT LOSING DRINKERS. "Management believes it is not losing drinkers, but frequency of occasions as those customers experiment with smaller competitors," per CLSA note. To help remedy, as