Summer has been good to GRB, with a solid March quarter following the strong lead into Christmas. Own brand growth across all channels (independent bottle shops, national retailers and on-premise) demonstrates growing awareness of Gage Roads’ products. The events-based marketing strategy is working well, boosting confidence in the “return to craft” strategy. Our blended valuation climbs to $0.090 (prior $0.080) and we maintain a BUY call (upgraded yesterday) based on the expectation of margin and earnings growth in coming years, and the attractiveness of the craft beer segment of the liquor market.
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