UPDATE: RBC Capital Downgrades Boston Beer Company (SAM) to Sector Perform
- Wall Street closes lower as the Fed pounds rate hike drum
- AMD Shares Down 2% on Disappointing Q3 Preliminary Results
- Musk Failed to Convince Twitter (TWTR) to Lower the Deal Price - Reports
- Fed's Kashkari: 'quite a ways away' from pausing rate hikes
- Citi Says Buy US and UK Equities, Sees 18% Upside in Global Equities to End-2023
RBC Capital analyst Nik Modi downgraded Boston Beer Company (NYSE: SAM) from Outperform to Sector Perform with a price target of $331.00 (from $488.00).
The analyst comments "We are upgrading CRNC to Sector Perform from Underperform given 1) near-term expectations (balance of FY22) seem more reasonable as expectations have come down and the new management team may be trying to rebuild credibility, and 2) the stock is trading near our price target (which we have now revised from $28 to $27). We also revise our estimates to reflect our updated production forecast and forward outlook."
Shares of Boston Beer Company closed at $306.23 yesterday.
You May Also Be Interested In
- KION Group AG (KGX:GR) (KIGRY) PT Lowered to EUR35 at Berenberg
- Sharp Corp. (6753:JP) (SHCAY) PT Lowered to JPY850 at JPMorgan
- Reckitt Benckiser (RB/:LN) (RBGLY) PT Raised to GBP76 at RBC Capital
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades, Hot Comments, Hot Downgrades
Related EntitiesRBC Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!