Boston Beer (SAM) shares are soaring 6.04% in pre-market trading on Friday, following the company's impressive third-quarter earnings report and upgraded full-year guidance. The maker of Samuel Adams beer and Truly hard seltzer has managed to outperform analyst expectations despite challenging market conditions.

The company reported quarterly earnings of $4.25 per share, significantly beating the analyst consensus estimate of $3.48 by 22.09%. This strong performance came despite a 20.56% decrease from the same period last year. While quarterly sales of $537.494 million fell slightly short of expectations, missing the $541.934 million estimate by 0.82%, investors appear to be focusing on the earnings beat and improved outlook.

In response to the positive results, several analysts have raised their price targets for Boston Beer. Deutsche Bank lifted its target to $233 from $226, while UBS increased its projection to $246 from $230. The company's ability to deliver strong earnings in a tough environment, coupled with its optimistic forecast for 2025, has clearly resonated with investors and analysts alike, driving the stock's significant pre-market surge.