AB InBev downgraded to Neutral from Buy at Citi

Citi downgraded AB InBev to Neutral from Buy with a EUR 64 price target. The analyst also opens a “negative catalyst watch” on the shares. The risk to AB InBev’s earnings is rising, the analyst tells investors in a research note.. Although the company’s’ fiscal 2024 profitability will benefit from lower costs and easing Bud Light headwinds, consensus estimates are under-estimating the impacts from the Argentinean Peso devaluation and recently passed changes to Brazil’s corporate tax structures, contends Citi.