Goldman Sachs downgraded CCU to Sell from Neutral with a $10.50 price target. The analyst believes CCU will face “materially challenging conditions” in its core Chilean beer market over the next few years. The latest macro indicators have been broadly soft and the overall industry has been contracting at mid-single-digit per year following the overshoot in consumption caused by Covid, the analyst tells investors in a research note. The firm views the stock’s valuation as expensive at current levels.
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