More Malaise at The Top

Dear Client:There are a couple nuggets we'd like to share from Bernstein's recent examination of the "shake-out within U.S. craft beer."First, Bernstein points out that the segment is not snapping out of this slowdown anytime soon if many of the big craft brewers don't turn things around.And recent data published in the note indicates that that's not happening. Half of the top 12 craft brewers are in decline, per Nielsen data in the three-month period to May 20.Boston Beer saw