Jefferies analyst Edward Mundy lowered the firm’s price target on AB InBev (BUD) to $74 from $80 and keeps a Buy rating on the shares. Q3 is “likely to be tough,” says the analyst, who models organic volumes and sales down 4% and 0.1%, respectively, ahead of the company’s Q3 report due on October 30. However, the firm sees a business that should generate positive volumes, mid-to-high single digit EBITDA, and double-digit total returns as cyclical pressures ease, the analyst added in the firm’s Q3 preview.
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