Macquarie Expects More Boston Declines, Less Ballast SKUs

Dear Client:Yesterday, former CLSA beverage analyst Caroline Levy launched her new beverage/HPC coverage for Macquarie, which included an "underperform" rating for Boston Beer, plus some musings on Ballast Point (still being right-sized, she thinks) and where A-B could acquire next.The craft coverage started with a segment outlook. As we know, "craft volume and value share increased by a meagre 0.1% and 0.8% respectively" last year. Still, the firm estimates that brewpubs/taproom volumes were up 60% last year.NO RELIEF IN SIGHT