The liquor stock trend that isn't going away anytime soon
Sales of spiked seltzer are showing no signs of going flat anytime soon, according to a new analyst note from Guggenheim, which just boosted the price target for the parent company of major player Truly Hard Seltzer.
Truly has been maintaining about a 30% share of the market, “despite new entrants” and despite “constraints in manufacturing,” he said, adding that while privately held White Claw might be the industry leader, Truly could have room to grow given relatively lower retail distribution points. Hard seltzers overall have proven to be a rising substitute for beer drinkers, particularly when it comes to younger age groups favoring lower calorie alternatives. Boston Beer has stemmed the negative impact of that shift by investing in the Truly brand it launched back in 2016 and by buying up quicker-growing Delaware craft brand Dogfish Head. Both of those moves have enabled Boston Beer to offset slumping sales of its flagship Sam Adams Boston Lager.
“In the context of hard seltzer, I would say White Claw and Boston Beer have been so focused on those two products,” he said, adding that AB InBev has so many issues at a larger scale “that they can’t focus as much as those two pure players.”
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