Boston Beer falls on lowering annual earnings forecast

Boston Beer

27/10/2023 17:05

** Shares of Sam Adams-owner Boston Beer  SAM.N  down 8.6%
at $333.4, hitting over four-month low
    ** Co narrows FY23 earnings outlook to $6.04-$8.04 per
share, lower at the midpoint than prior outlook of $6-$10 per
share 
    ** Also posts lower Q3 adj earnings of $3.70​​ per share vs
analysts' estimates of $4.08 per share - LSEG data
    ** Stock set for biggest one-day percentage fall in over
eight months
    ** Brokerage UBS cuts price target to $390 from $408 while
brokerage Bernstein assigns "underperform" rating with PT of
$280
    ** One of the 14 analysts covering SAM have a "buy" or
higher rating, 8 have "hold" while 5 rate it at "sell" or lower;
median PT is $340 - Refinitiv Eikon data
    ** Stock up 2.32% YTD



 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))