Ambev downgraded to Neutral from Buy at BofA

BofA downgraded Ambev (ABEV) to Neutral from Buy with a price target of $2.10, down from $2.80. The firm noted that Ambev had a successful turnaround over the last five years, driven by “a very effective top line strategy, digitalization, high beer per capita consumption, better mix, and market share gains,” but now the analyst feels that Ambev is entering a “cycle of deceleration” with “uninspiring short-term momentum” leading to an unattractive valuation.