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Fly News Breaks for September 3, 2019
SAM
Sep 3, 2019 | 08:48 EDT
Jefferies analyst Kevin Grundy downgraded Boston Beer to Underperform from Hold and lowered his price target for the shares to $332 from $360. The analyst's consumer survey and web scrapes point to the potential for greater competitive intensity in the "rapidly growing" spiked seltzer category. He views Boston Beer's valuation as "stretched" given its competitive risk in hard seltzers.
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