The Boston Beer Company, Inc. (NYSE:SAM) reported its Q1 results, with revenue dropping 21.1% year-over-year to $430.1 million, missing the Street estimate of $444.77 million. EPS was ($0.16), significantly worse than the Street estimate of $1.97.

Despite a year-to-date share price decline of around 32%, analysts at Deutsche Bank believe the company’s shares have additional room to fall following weaker quarterly results.

While noting that Q1 depletions were slightly better than they had expected (-7% year-over-year vs. Deutsche Bank’s -8.5%) and the company did reiterate its 2022 outlook (EPS in the range of $11-$16), the analysts said that decidedly weaker gross margin, an implicit sequential deceleration in depletions and lack of overall visibility ahead of the key summer selling season all raise prospects that full-year guidance is more optimistic at this point than credible.