Boston Beer downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs analyst Bonnie Herzog downgraded Boston Beer (SAM) to Sell from Neutral with a price target of $318, down from $380. The analyst is “incrementally more negative” on Boston Beer and more positive on Molson Coors (TAP) and Constellation Brands (STZ) based on feedback from beer distributor contacts. She sees an “even greater negative risk/reward” for Boston Beer saying the outlook for the hard seltzer category has deteriorated further and distributors are reducing their hard seltzer inventory levels further. The company’s Truly volume declines are accelerating and gross margin pressures continue, Herzog tells investors in a research note.

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