Boston Beer downgraded to Underperform from Hold at Jefferies

Jefferies analyst Kevin Grundy downgraded Boston Beer to Underperform from Hold with a price target of $275, down from $331. The hard seltzer category has yet to bottom, suggesting risk to consensus estimates for Boston Beer, Grundy tells investors in a research note. The analyst also believes deleveraging will prolong the company’s gross margin recovery. He believes multiple compression as likely at current valuation levels.