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Boston Beer Falls Flat on Hard Seltzer Concerns

Investing.com
Updated

Investing.com - Brewer Boston Beer (NYSE:SAM) slid in midday trading Tuesday following a downgrade, but it wasn’t on worries about beer consumption.

Jefferies downgraded the stock to underperform from hold and lowered its price target to $332 from $360, noting that competition in the spiked seltzer space is increasing.

Shares of Boston Beer, which makes Truly Hard Seltzer and Sam Adams beer, fell 7%.

Jefferies noted that the spiked seltzer market could double again over the next two years, but that 90% of customers would try a new brand, raising risks for current names like Truly, Briefing.com reported.

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Jefferies noted increased social media interactions for new brands and the analysts reiterated their buy rating on Constellation Brands (NYSE:STZ).

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