SAM - Boston Beer falls more than 20% after Truly underperforms analysts clip price targets

solarseven/iStock via Getty Images Goldman Sachs lowers its rating on Boston Beer (SAM) to Neutral from Buy. "We are very surprised by the magnitude of this quarter’s miss which came in well below expectations despite [management]’s consistently confident tone as recently as our May 18 Global Staples Forum," updates analyst Bonnie Herzog. While some slowdown in the hard seltzer category was expected, the Q2 miss raises questions about Boston Beer's long-term growth plans and ability to properly forecast its result, warns Herzog. Elsewhere on Wall Street, Deutsche Bank cut its price target to $850 from $1,074, Citi clipped its PT to $854 and Cowen lowered its PT to $825 from $1,300. Boston Beer is down 21.50% in premarket action to $743.80 after the disappointing quarter for Truly Hard Seltzer brand sales.

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Boston Beer falls more than 20% after Truly underperforms, analysts clip price targets