Hard seltzer fad continues to flame out as Wall Street turns cautious on beverage companies

Beverage companies are off to a rocky start in 2023, as Wall Street turns weary of falling hard seltzer sales. In a note to clients, analysts at Evercore ISI found traditional hard seltzer sales dropped 10.4% over the last four weeks, with sales of Boston Beer Company’s (SAM) Truly down 19.5% alone. On Wednesday, Jefferies analyst Kevin Grundy downgraded shares
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