BofA downgraded CCU (CCU) to Underperform from Neutral with a price target of $13.70, up from $12.60. CCU is more exposed to cost and pricing pressure than Embotelladora Andina (AKO.A), which the firm has upgraded to Neutral as it shifts its preference in Latin American Beverages. The firm expects CCU’s top line to grow on average by 5% in 2024-25, though higher promotional activity on beer as demand normalizes could limit the recovery, the analyst tells investors.
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