Boston Beer downgraded to Hold from Buy at Jefferies

Jefferies downgraded Boston Beer (SAM) to Hold from Buy with a price target of $325, down from $355. The firm through Truly, beer, and cider declines would improve this summer, but says “they got worse.” Meanwhile, Twisted is slowing and Boston Beer’s “other growth avenues are limited,” the analyst tells investors in a research note. Jefferies believes the company’s third party pre-payment and shortfall fees have delayed margin improvement. A strong balance sheet supports capital returns to help offset weakness, but there is limited visibility, the firm adds. It downgrades shares to Hold pending evidence of improvement.