Anheuser-Busch InBev upped to buy at Bank of America

Anheuser-Busch InBev
BUD,
+0.34%
was upgraded to buy from neutral at Bank of America, which lifted its price target to $68 from $65. It said cost of goods sold pressures have started to ease, and now the stock reflects a more than $1 billion hit from Bud Light and a higher cost of doing business. “Over the last few years, [Anheuser-Busch InBev] has transformed its business in many of its key markets (particularly in LatAm), with a more effective portfolio strategy, stepped-up innovation and digitization of its route-to-market with BEES (B2B), a clear competitive advantage,” said analysts led by Andrea Pistacchi. The analysts added though that it’s “hard not to be negative” about its U.S. volume outlook.