Boston Beer price target lowered to $300 from $350 at TD Cowen

TD Cowen analyst Vivien Azer lowered the firm’s price target on Boston Beer to $300 from $350 and keeps a Market Perform rating on the shares. The firm said while our estimates are now below full year guidance, comping innovation has historically been challenging for the company to predict, as the post-cider cycle resulted in three years of negative revisions. As such, and given that hard seltzer trends have not improved in Nielsen halfway through the year, the firm now believe 2023 will be year 3 in seltzer’s negative revision cycle.