BofA upgraded AB InBev to Buy from Neutral with a price target of EUR 65, up from EUR 59. The company’s margins “are at an inflection point,” as cost of goods sold pressures have started to ease, the over $1B profit hit from Bud Light is in base estimates and a higher cost of doing business, which has weighed on margins in recent years, is now largely in the base too, the analyst tells investors in a research note. The firm says that in the current environment, AB InBev “offers relatively good earnings visibility.”
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