Jefferies maintained a Hold rating on Boston Beer Company (NYSE: SAM), and cut the price target to $140.00 (from $151.00), following the company's 3Q earnings report. EPS of $2.48 came in below the Street's estimate of $2.55. SAM's revenues came in -9% below Street estimates on -8% depletion declines.

Analyst Kevin Grundy commented, "SAM's 3Q EPS of $2.48 came in below Street est. of $2.55 with better GM%/ AP&S partially offsetting a big topline miss (-9.1%). The industry is slowing and remains fiercely competitive, driving another downward revision to SAM's depletions guidance (7th in 8 qtrs). A return to depletion growth in FY17 may prove to be elusive, but a burgeoning focus on productivity is encouraging. Cutting FY17-18 EBITDA est. by 9% post-3Q. Hold, PT to $140."

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Shares of Boston Beer Company closed at $156.25 yesterday.