Boston Beer Stock Hits 6-Year Lows on Downgrade

The firm cited the company's disappointing launch of Hard Mountain Dew

Laura McCandless

Deputy Editor

Jan 23, 2025 at 10:45 AM

Boston Beer Company Inc (NYSE:SAM) was last seen down 2.5% at $243.98, trading at six-year lows following a bear note from Piper Sandler. The firm downgraded the security to "neutral" from "overweight," with a price-target cut to $275 from $370, after a disappointing rollout of its new product Hard Mountain Dew.

Piper Sandler is joining the bearish majority, as now only one of the 15 analysts in coverage carries a "buy" rating. The 12-month consensus price target of $298.69 represents a 22.4% premium to current levels.

SAM has been careening lower since the start of 2025, down 18.7% year-to-date after closing only two days higher since Jan. 2. The shares are below all notably daily moving averages, with pressure at the 10-day moving average helping guide them lower since mid-December.

Short interest is down 5.4% over the last two weeks, though the stock failed to capitalize on the short covering. This points to underlying technical weakness.

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