SAM - Boston Beer is on watch as another analyst slashes price target

Citi slashes its price target on Boston Beer (NYSE:SAM) to $618 from $854 after adjusting estimates to account for the summer slowdown in the hard seltzer category. Analyst Wendy Nicholson believes Boston Beer now deserves to trade at a 5% premium to the market vs. the prior 40% target premium slapped on the stock for its growth potential. Citi is not the only firm to adjust expectations on SAM due to the deceleration in the hard seltzer category. Shares of Boston Beer fell back a few weeks ago when Cowen warned on the hard seltzer sales slowdown. The average Wall Street price target on SAM is down to $907.75 and likely to track even lower as more analysts reset expectations.

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Boston Beer is on watch as another analyst slashes price target