(Bloomberg) -- When Goldman Sachs Group Inc. analysts last got this excited over Kweichow Moutai Co.’s shares, the result was a reprimand from Beijing that ended with a $6 billion sell-off.

They’re still standing firmly behind the fiery liquor producer, forecasting greater gains in the stock, which is already at a record high. Goldman has raised its price target on Moutai three times in the past 10 days, by a total of 21 percent, according to data compiled by Bloomberg. Its latest target, released Friday, is 1,016 yuan ($151).

Goldman’s price target is the highest among analysts tracked by Bloomberg and 26 percent above Thursday’s close. Moutai rose a further 6.7 percent Friday morning, its biggest gain since Dec. 3, after reporting better-than-expected 2018 results. That took Moutai’s advance this year to 46 percent.

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Sales of Moutai spirits could grow another 20 percent this year with a 4 percent uptick in volume and 15 percent increase in average selling prices, analysts Xufa Liao and Steven Ma wrote in a note.

Goldman has been a long-term bull on the stock, forecasting gains most of the time since it started covering it in late 2013. When it boosted its target on Moutai 11 times in 2017, China’s official Xinhua news agency took aim at the high-flying stock with a warning that wiped out $6 billion a day.

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Moutai’s strong results help lift other liquor makers Friday. Jiangsu Yanghe Brewery Joint-Stock Co. rose by the 10 percent daily limit in Shenzhen, Wuliangye Yibin Co. climbed 7.5 percent to the highest on record, and Luzhou Laojiao Co. advanced 5.5 percent.

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