Goldman Sachs lowered the firm’s price target on Ambev (ABEV) to R$10.10 from R$10.20 and keeps a Sell rating on the shares. The firm cites the latest industrial production data by IBGE which showed a 12% drop in alcoholic beverage production in Brazil in August, averaging a 13% y/y contraction quarter-to-date and a 4% decline over the past 12 months, the analyst tells investors in a research note.
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