SAM - Boston Beer Says Hard Seltzer's Fall Is Even Worse Than Feared
Boston Beer 's (NYSE: SAM) ride on the hard seltzer growth train is over, and the end is uglier than many people imagined.
Having already admitted in July it badly misjudged the alcoholic beverage's popularity, Boston Beer has been forced to concede again that demand is even worse than it predicted, and management withdrew its guidance for the rest of the year as a result.
Shares of the brewer hit a record $1,350 per share in April, capping a remarkable 750% gain in the five years following its introduction of the Truly brand in May 2016. But Boston Beer is now in freefall -- down 60% from its April high -- and investors would do well to stay on the sidelines until the damage can be assessed.
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Boston Beer Says Hard Seltzer's Fall Is Even Worse Than Feared