NEW YORK (TheStreet) -- Shares of Craft Brew Alliance(BREW) - Get Report  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, TheFly reports. The firm now forecasts 2017 shipment growth of 17%, up from the 9% increase it previously modeled. 

The firm also raised its 2017 earnings estimates to 66 cents per share, compared to its prior outlook of 44 cents per share. Wall Street is looking for earnings of 34 cents per share for 2017. 

Additionally, Roth Capital said the new series of agreements will "significantly bolster" Craft Brew's income, beginning in 2017, according to TheFly. The firm maintained its "buy" rating and $20 price target. 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate CRAFT BREW ALLIANCE INC as a Buy with a ratings score of B. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income, expanding profit margins, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity.

You can view the full analysis from the report here:

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