The Boston Beer Company, Inc. (NYSE:SAM) price target was lowered by Deutsche Bank to $564 from $695 following the company’s withdrawal of its guidance last week, which made the stock lose around 8% last Thursday.

According to the brokerage, the haste with which the hard seltzer deceleration caught the company off-guard between April and August forced it to first lower guidance alongside Q2 results in late-July, only to then fully withdraw guidance last week.

While pandemic-related volatility has certainly upped the company's forecasting challenges this year, the company's recent guidance history has impaired confidence in management's demand forecasting ability. Analysts at Deutsche Bank said they appreciate the honesty of withdrawing guidance altogether, and hope is able to reset clearer expectations near-term, but suspect the company will have limited/obstructed visibility for some time to come.