Anheuser-Busch (NYSE:BUD) Gains on Robust FY23 Outlook
Market News

Anheuser-Busch (NYSE:BUD) Gains on Robust FY23 Outlook

Story Highlights

Anheuser-Busch gained in pre-market trading as the company reiterated its FY23 outlook after mixed Q3 results.

Anheuser-Busch InBev (NYSE:BUD) gained in pre-market trading on Tuesday after the beer giant and the parent company behind Bud Light maintained its FY23 guidance. The company anticipates its EBITDA to grow between 4% and 8% in line with its medium-term outlook and its revenue “to grow ahead of EBITDA from a healthy combination of volume and price.”

Anheuser reported Q3 earnings of $0.86 per share as compared to $0.84 per share in the same period last year beating consensus estimates of $0.84 per share. The company’s revenues grew by 5% year-over-year on an organic basis to $15.1 billion but fell short of analysts’ expectations of $15.72 billion. BUD’s revenues took a hit as volumes declined by 3.4% with beer volumes down by 4% while non-beer volumes up by 1.4%.

The company stated that its “total beer market share has remained stable since the last week of April through the end of September.”

The company has approved a cash tender offer for repurchasing up to $3 billion worth of debt and $1 billion of stock over the next year.

Is BUD Stock a Buy Now?

Analysts remain bullish about BUD stock with a Strong Buy consensus rating based on six Buys and one Hold. The average BUD price target of $69.73 implies an upside potential of 29.1% at current levels.


Related Articles
TheFlyAB InBev price target lowered to EUR 69.22 from EUR 73 at Barclays
TheFlyAB InBev price target lowered to EUR 67 from EUR 69 at Citi
TipRanks Auto-Generated NewsdeskAB InBev Reports Strong Q3 2024 Financial Performance
Go Ad-Free with Our App