With New Innovation On its Way, Goldman Sachs Upgrades Boston Beer to Neutral

Dear Client:Goldman Sachs is pulling Boston Beer out of its sell list and upgrading the company to neutral, per note from analyst Judy Hong.Judy said they had placed Boston Beer on the sell list on the basis of "negative beer growth and lack of break-through innovation this year." Now that Boston Beer has fallen short on volumes the past two quarters and its beer sales are decelerating, according to Nielsen, Judy believes the company's "weakness in core beer is already