Boston Beer downgraded to Sell from Hold at Deutsche Bank

Deutsche Bank analyst Steve Powers downgraded Boston Beer to Sell from Hold with a price target of $316, up from $315. The analyst sees the company "grappling with persistent softness in the core hard seltzer category." His seasonality analysis suggests that the hard seltzer category could continue to decline into the peak summer months next year, albeit, at a slower rate than experienced in 2022. Powers expects Truly sales to decline low single digits in 2023 on increasing competitive intensity both within the core hard seltzer category and adjacencies.