Boston Beer stock suffers record selloff as analysts slash targets after big earnings miss

Shares of Boston Beer Co. Inc. suffered a record plunge to a one-year low Friday, as an avalanche of analysts slashed their price targets following the alcoholic beverages company’s biggest earnings miss in years.

“ “[T]o be totally honest, we were surprised at the sharpness and the suddenness of the change in trajectory.” ” Revenue rose 33% to $602.8 million, but was 8.3% below the FactSet consensus of $657.6 million, the biggest miss since the company missed revenue expectations by 9.1% in the third quarter of 2016.

Chairman and Founder James Koch said on the post-earnings conference call with analysts that Truly seltzer sales were at a “really choppy” point, as the company was lapping “crazy times” last year when the COVID-19 pandemic led to pantry loading. “So, it’s a really, really murky crystal ball,” Koch said. “It’s more like looking into a bowling ball. You can’t see much.”

“Despite the recent pullback in the stock, we see a negative risk-reward as key growth engine slows sharply/competition ramps with visibility clearly constrained, Street [estimates] still too high, and ~40x [price-to-earnings ratio] at risk of further de-rating as expectations further reset,” Grundy wrote.

Maybe if it didn’t taste awful…

For all those who are new to this working from home Bitcoin trading options Here's a little tip: Get a trusted Bitcoin expert and stick to her _Johnson56 Invest and play at similar times each day. Because : In times of chaos, your investment is your anchor to success

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Boston Beer stock tumbles 26% after weak Truly hard seltzer sales weigh on earningsShares of Boston Beer tumbled 26% in morning trading after disappointing demand for hard seltzer dragged down the company's quarterly earnings and revenue. This is what Mike Lindell drinks before he does a video about MyPillow or Donald Trump. The entire hard seltzer category is overpriced. White Claw will have an equally epic collapse.
Source: CNBC - 🏆 12. / 72 Read more »

Boston Beer stock tumbles 26% after weak Truly hard seltzer sales weigh on earningsShares of Boston Beer tumbled 26% in morning trading after disappointing demand for hard seltzer dragged down the company's quarterly earnings and revenue. This is what Mike Lindell drinks before he does a video about MyPillow or Donald Trump. The entire hard seltzer category is overpriced. White Claw will have an equally epic collapse.
Source: CNBC - 🏆 12. / 72 Read more »

Dow Hits 35000 as Stocks Rise to RecordsAll three major U.S. stock indexes closed at record levels after a string of strong corporate earnings reports bolstered investor confidence amid a bout of volatility. buythedip SenatorRomney GOPLeader seanhannity TuckerCarlson
Source: WSJ - 🏆 98. / 63 Read more »

Earnings and the Federal Reserve are next big catalysts as stocks enter week ahead on an upswingHere comes one of the biggest market weeks of the summer. nice
Source: CNBC - 🏆 12. / 72 Read more »

Wall Street notches record closing high on earnings, economic strengthWall Street gained ground for the fourth straight session on Friday, extending a rally that pushed all three major U.S. stock indexes to record closing highs as upbeat earnings and signs of economic revival fueled investor risk appetite.
Source: Reuters - 🏆 2. / 97 Read more »