Piper Sandler downgraded Boston Beer (SAM) to Neutral from Overweight with a price target of $275, down from $370. The firm updated its model for a diminished outlook on Hard Mtn Dew, which was expected to ramp up more quickly, and slower than expected sales growth on Twisted Tea. Piper had anticipated Hard Mtn ew to drive incremental upside as it launched nationally, an it continues to ramp up in the company’s distribution network, but success will likely take more to build than previously anticipated. The firm noted that its lower price target comes amid a slower sales growth outlook.
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