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Craft Brew (BREW) Stock Soars, Sidoti Ups Price Target on AB InBev Partnership

NEW YORK (TheStreet) -- Shares of Craft Brew Alliance (BREW) were advancing 20.02% to $17.35 in mid-afternoon trading on Wednesday as Sidoti & Co. increased the stock's price target to $22 from $18, following the company's announcement that it would extend its partnership with Anheuser Busch InBev (BUD).

The Portland, OR-based craft beer company signed new contract brewing and international distribution agreements and extended its master distribution contract with the Belgian-based brewery, Craft Brew said in a statement.

Under the new distribution agreement, 300,000 barrels of Craft Brew's beer will be brewed at AB InBev breweries.

Sidoti said the extended partnership should position Craft Brew well through 2028...


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