Anheuser Busch InBev: Hold Rating Amid Mixed Market Signals and Growth Uncertainties

Robert Moskow, an analyst from TD Cowen, maintained the Hold rating on Anheuser Busch InBev SA/NV (0RJI – Research Report). The associated price target was raised to €63.00.

Robert Moskow has given his Hold rating due to a combination of factors influencing Anheuser Busch InBev’s current market position. Despite reporting a first-quarter underlying EPS that exceeded expectations, the company faces challenges in key markets like the U.S. and China. The U.S. market is at an inflection point, with management optimistic about future growth driven by premium and beyond beer segments. However, the overall volume decline and the need for increased marketing spending indicate potential hurdles.
In China, significant sales and volume declines have impacted the company’s performance in the APAC region, with further destocking anticipated in the near term. While management expects improvements in the latter half of the year, past forecasts have not materialized as anticipated. These mixed signals from different markets contribute to the cautious Hold rating, reflecting both potential growth opportunities and existing uncertainties.