CCU downgraded to Sector Perform from Outperform at Scotiabank

Scotiabank downgraded CCU (CCU) to Sector Perform from Outperform with an unchanged price target of CLP 7,000. CCU reported sales and EBITDA that were roughly in line with consensus, but which “fell quite short of our numbers” and the quality was “low,” the analyst tells investors. CCU’s numbers were “a significant departure from the excellent posts we’ve been seeing from other industry peers in the Southern Cone,” making the firm think that CCU is losing ground to the competition, the analyst added.