Boston Beer: Hold Rating Amid Structural Industry Pressures and Brand ChallengesWe remain EW with GM progress likely to be offset by structural topline pressure from alcohol industry and SAM portfolio volume weakness, as well as elevated reinvestment. Remain Equal-weight: SAM reported a large 3Q EPS beat with a -1% topline miss more than offset by 410 bps of gross margin upside, for its highest GM's since 2018. Depletions were actually better than expected, declining -3% vs the -5% consensus. SAM significantly raised the bottom end of FY25 EPS guidance (with a modest increase in the top end), with higher GM's partially offset by increased brand and local market spending. We remain EW, with structural topline pressure from alcohol industry and SAM portfolio volume weakness, as well as continued elevated reinvestment.