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Goldman Sachs Downgrades Boston Beer Company (SAM) to Sell, Sees 7% Downside

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January 5, 2012 7:17 AM EST
Get Alerts SAM Hot Sheet
Price: $287.27 --0%

Rating Summary:
    7 Buy, 16 Hold, 6 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 4 | Down: 8 | New: 1
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Goldman Sachs downgraded Boston Beer Company (NYSE: SAM) from Neutral to Sell with a price target of $98, suggesting 7% downside.

The firm notes with a 20% rally in the 2nd-half of 2011, the P/E multiple has expanded to 26x versus its 5-year average of 22x.

"We believe investors are overpaying for SAM's sales growth, which is predominantly being driven by distribution gains on Twisted Tea while SAM's core beer brand portfolio growth is slowing," the analyst said.

For an analyst ratings summary and ratings history on Boston Beer Company click here. For more ratings news on Boston Beer Company click here.

Shares of Boston Beer Company closed at $105.53 yesterday.

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