© Reuters.

Investing.com – Brewer Boston Beer (NYSE:) slid in midday trading Tuesday following a downgrade, but it wasn’t on worries about beer consumption.

Jefferies downgraded the stock to underperform from hold and lowered its price target to $332 from $360, noting that competition in the spiked seltzer space is increasing. The consensus 12-month price target for the stock from analysts tracked by Investing.com is $364.17, off 11% from the current price.

Shares of Boston Beer, which makes Truly Hard Seltzer and Sam Adams beer, fell 6.6%.

Jefferies noted that the spiked seltzer market could double again over the next two years, but that 90% of customers would try a new brand, raising risks for current names like Truly, Briefing.com reported.

Jefferies noted increased social media interactions for new brands and the analysts reiterated their buy rating on Constellation Brands (NYSE:).

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