Boston Beer Company (SAM) PT Lowered to $850 at UBS
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'Truly a Disaster': Boston Beer Company (SAM) Plummets 10% After Removing 2021 Guidance, Analysts Slash Price Targets Sharply
September 9, 2021 6:31 AM EDTShares of the Boston Beer Company (NYSE: SAM) are down about 10% in pre-open Thursday after the company withdrew its full-year 2021 guidance.
SAM noted a continued deceleration of growth trends in the hard seltzer market.
Industry reports have estimated that the full year 2021 volume for the hard seltzer market retail sales will have over 100 million fewer cases than the volumes estimated in May 2021 and over 30 million fewer cases than the volumes estimated in July 2021. While demand for the Company's hard seltzer products continues to grow at faster than category rates in measured off-premise... More
