Balanced Outlook Amid Regional Divergence Keeps AB InBev at Hold

Analyst Robert Moskow of TD Cowen maintained a Hold rating on Anheuser Busch InBev SA/NV, with a price target of €72.00.

Robert Moskow has given his Hold rating due to a combination of factors related to AB InBev’s recent performance and outlook. The company delivered slightly better-than-expected organic growth and EBITDA in the latest quarter, supported by productivity gains and improving volumes into January, yet the durability of this momentum is still unclear, especially after a weaker 2025 volume outcome than management initially anticipated.

Moreover, Moskow notes that while certain regions such as South America and Middle Americas are contributing solid EBITDA growth, other major markets like North America, EMEA, and APAC remain under pressure. Looking ahead, management’s 2026 guidance for mid‑single‑digit to high‑single‑digit EBITDA growth relies on continued pricing, cost savings, and event‑driven demand around the World Cup, but these positives are partially offset by expected cost inflation and higher marketing spend, justifying a more balanced, Hold stance rather than a more aggressive rating.

In another report released on February 10, ING Group also downgraded the stock to a Hold with a €66.20 price target.