Ambev downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded Ambev (ABEV) to Underweight from Equal Weight with a price target of R$11.50, down from R$13. The stock’s recent outperformance and re-rating “seem unwarranted,” says the analyst, who cites Brazil beer being “top-line structurally impaired” while costs are looking “higher for longer.”