Anheuser-Busch (BUD) stock has declined 18.4% since consumers began revolting against its marketing partnership with transgender influencer Dylan Mulvaney.
On March 31, the day before the social media campaign debuted, BUD closed at $66.73. On May 30, the stock closed at $54.46, just above its six-month low of $56.59.
Anheuser-Busch’s market capitalization has fallen $24.19 billion, or 18.3%, from $132.38 billion on March 31, to $108.19 billion on May 30.
Sales are down 29.5%, while competitors’ sales are up as high as 12.8%, prompting Wall Street analysts to upgrade their ratings on other brewers.
Citing the national boycotts on Bud Light and Budweiser, Roth MKM analyst Bill Kirk upgraded his ratings from Neutral to Buy Tuesday on Boston Beer Company (SAM), seller of Sam Adams and Truly Hard Seltzer, and Constellation Brands (STZ), maker of Corona and Modelo beers; Kirk had neutral ratings on the two beer manufacturers for years, Barron’s reports.
The boycott appears to be gaining steam, with Twitter users over Memorial Day weekend posting shore shelves full of unsold Bud Light.
Anheuser-Busch did not immediately respond to a Barron’s request for comment.