US: Prudential cuts Boston Beer rating
Analysts at Prudential Equity Group yesterday revised their rating on Boston Beer Co. downwards to "neutral" from "overweight" following news the company has cut its earnings forecasts.
Prudential also cut its earnings forecast for the brewer to to 90 cents a share from US$1.
Boston Beer has said that an increase in advertising would hit profits.
In a research note, analyst Jeffrey Kanter said higher costs are also hurting earnings of the brewer of Samuel Adams lager and Sam Adams Lite.
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