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Boston Beer Co Inc (NYSE: SAM) has been witnessing sales declines, and there’s “no inflection in sight” to reverse this trend, Credit Suisse’s Laurent Grandet said in a report. He initiated coverage of the company with an Underperform rating and a price target of $156.
Analyst Grandet assigned sales and EPS estimates for Boston Beer below the consensus forecasts. He pointed out that while the company’s sales had been declining, management had not provided a clear strategy to limit market share losses and boost sales. Forthcoming years could be “a slow road,” and the current expectations do not reflect this fully.
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Losing Market Share
Samuel Adams’ share of the craft beer market has contracted 250bps to 8 percent since 2013. This rapid pace of share losses is due to competition from new brands. “In the short term, we think Millennials' appetite for new, local, and flavors of the day will continue to pressure the brand,” Grandet commented.
Innovations Not Working
Innovations in other categories are no longer enough to offset the beer weakness. “Since 2012, sales growth were driven almost entirely by Angry Orchard and Twisted Tea, but the recent drop of the cider category has exacerbated the declines leading to negative depletions in last 2 quarters,” the analyst wrote.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.