AB InBev price target lowered to $70 from $85 at TD Cowen

TD Cowen lowered the firm’s price target on AB InBev (BUD) to $70 from $85 and keeps a Hold rating on the shares. The firm is “broadly cautious” on large cap staples heading into Q1 earnings. Food companies have yet to show a clear path back to growth, the analyst tells investors in a research note. TD says rising oil costs pose an overhang on the sector. It stays constructive on soft drinks and energy.