Deutsche downgrades AB InBev, upgrades Heineken ahead of 2026

Deutsche Bank adjusted ratings in the European beverages group as part of its 2026 outlook. The firm upgraded Heineken (HEINY) to Buy from Hold while downgrading AB InBev (BUD) to Hold from Buy. Following a challenging year for share prices, the European beverages sector “offers clear valuation opportunities,” the analyst tells investors in a research note. The firm sees “material upside if companies can deliver.” Deutsche prefers names less affected by structural headwinds as well as companies that can deliver reasonable growth in 2026. “Buying the least worst option should work,” the firm contends.