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Guggenheim names Boston Beer a best idea, says strength of Truly can help stock jump 85%

Jim Koch, founder of Boston Beer
Scott Eells | Bloomberg via Getty Images

Investors should buy the dip in Boston Beer as jumpy data from the economic reopening appears to be overshadowing a strong underlying growth story, according to investment firm Guggenheim.

The beverage stock has struggled mightily over the past two months, falling more than 25% since April 20. The decline has come as the reopening of bars and restaurants has accelerated across the United States.

Guggenheim analyst Laurent Grandet reiterated his buy rating on the stock and named it one of his best ideas, saying in a note to clients on Monday that soft numbers for retail alcohol sales were hiding the growth of Boston Beer's Truly brand.

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