BofA Securities analyst Andrea Pistacchi upgraded the shares to Buy from Neutral.
Margins at Bud Light’s parent company, Anheuser-Busch InBev, are set to improve, according to BofA Securities.
Analyst Andrea Pistacchi upgraded shares of Anheuser-Busch to Buy from Neutral, raising her target for the stock price to €65 from €50.80. That implies a 29% increase from the company’s American depositary receipts’ closing price on Thursday.pressures have started to ease, >$1bn profit hit from Bud Light is in the base and a higher cost of doing business, which has weighed on margins in recent years, is now largely in the base too,” Pistacchi wrote in a research note Friday.
Pistacchi’s change to a bullish stance comes after the stock has declined 11% in 2023. Many consumers have boycotted Bud Light because the brand had a marketing partnership with a transgender social-media influencer. The damage was evident in Anheuser Busch’s second-quarter financial results, released in August. Revenue in the U.S. declined 10.5% as the company sold less Bud Light, though the second-quarter profit was better than expected as a result of positive performances in other countries.
Pistacchi said the company is “in a good position to leverage its strong market positions, particularly in Latin America, into better profit growth going forward.”exposure to LatAm , where economists are expecting only a slight slowdown in private consumption,” she wrote, while noting that it is difficult not to be pessimistic about the outlook for U.S. sales volume.Write to Angela Palumbo at angela.palumbo@dowjones.
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