US beer stocks slide as millennials turn to wine
Goldman Sachs downgraded its rating of shares in Constellation Brands from “buy” to “neutral” last week, causing its value to slide by 1.2% on Monday. The stockbroker also downgraded Boston Beer Co., rating its stocks as ‘to sell’, causing its value to drop by 5%.
According to CNBC, both downgrades were prompted by slowing US beer volumes, which have been further impacted not only by an overall drop in alcohol consumption, but also a shift away from beer and toward wine by millennials.