UPDATE: UBS Investment Research Downgrades Boston Beer to Sell As Revenue Growth Outlook Tempers

UBS Investment Research said in a research note on Monday that it reduced its rating on Boston Beer (NYSE: SAM) from Neutral to Sell. The price target on shares was maintained at $103.

UBS Investment Research said, "Boston Beer has demonstrated solid topline growth through successful innovations such as Twisted Tea and Seasonals. As these innovations mature, and with Boston Lager flat-to-down, new innovations such as Angry Orchard will need to match their predecessors' impact to maintain revenue growth trends (Innovator's Curse). We examine these dynamics, and conclude that topline trends will slow and thus drive SAM's elevated PE multiple down."

Boston Beer closed at $124.39 on Friday.