Boston Beer Company's stock plummeted 11.64% during intraday trading on Friday, marking a significant decline for the brewer.

The sharp drop appears to be driven by negative analyst actions, with several firms lowering their price targets on the company. RBC Capital Markets cut its target to $242 from $245, UBS reduced its target to $245 from $250, and Evercore ISI lowered its target to $240 from $250 while maintaining an In Line rating.

These downward revisions contributed to selling pressure, overshadowing a more positive action from Deutsche Bank, which raised its price target to $233 from $211. The collective analyst moves suggest heightened concerns about the company's near-term prospects among some Wall Street firms.