UPDATE: Cowen Downgrades Boston Beer Company (SAM) to Underperform

Cowen analyst Vivien Azer downgraded Boston Beer Company (NYSE: SAM) from Market Perform to Underperform with a price target of $400.00 (from $825.00).

The analyst comments "We are downgrading SAM to an Underperform rating and a $400 PT, as we see 30% downside to 2022 consensus EPS estimates. Seltzer's summer slump continued through mid-August, with the category posting a 0.4% revenue decline. And, while SAM is gaining more share than we'd expected, the category is slowing more dramatically than we'd modeled. We don't see an on-premise recovery as a sufficient offset."

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 $608.11 yesterday.

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