Ambev downgraded to Market Perform from Outperform at Bernstein

Bernstein downgraded Ambev (ABEV) to Market Perform from Outperform with a $2.88 price target The firm cites valuation for the downgrade with the shares up 16% year-to-date. Bernstein continues to like Ambev’s long-term fundamentals, but believes current expectations “are now overblown.” The firm recommends investors take profits and wait for a more attractive entry point.