A day after Boston Beer shares were drilled again amid a second straight earnings warning at the hands of a slowdown in the hard seltzer market, most analysts are staying cautious on the stock at least until 2022. “Even if the news is an immediate negative, we think management is attempting to be more transparent about what it is seeing after getting significant pushback from investors last quarter. Ultimately, it should help the stock to stabilize and find its bottom, but we don’t expect… Source link
Read More »Boston Beer stock is crashing because the hard seltzer boom is basically over
Bottom line: The hard seltzer boom is over. Shares of Boston Beer crashed 20% in pre-market trading on Friday as the maker of Truly hard seltzer and Sam Adams badly whiffed on its earnings expectations and slashed full-year guidance. The culprit: Execs overestimated the potential of the hard seltzer market, which continues to slow amid rising competition and people returning to bars coming out of the COVID-19 pandemic as Yahoo Finance has reported. “We overestimated the growth of the hard… Source link
Read More »Anheuser-Busch’s lawsuit against Corona hard seltzer will ‘go down in flames’: Constellation Brands CEO
Constellation Brands (STZ) is taking the gloves off and hitting back at Anheuser-Busch (BUD) after it filed a lawsuit trying to stop the use of the name Corona being used on a new line of hard seltzer. “We believe it’s without merit [the lawsuit]. We filed a motion to dismiss this week. It will probably take a few months for that to get ruled on. But we are totally within our sub-license agreement. This certainly looks like an attempt to damage somebody that is doing a lot of damage in the… Source link
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