AB InBev price target lowered to EUR 69 from EUR 73 at RBC Capital

RBC Capital analyst James Edwardes Jones lowered the firm’s price target on AB InBev to EUR 69 from EUR 73 and keeps an Outperform rating on the shares. The brand’s EBITDA is expected to be impacted by the Bud Light controversy by about 37% on full-year basis, while North America EBITDA will be hit by 22%, the analyst tells investors in a research note. The firm adds however that AB InBev’s North American business has already de-rated by over 20%, which is excessive given its belief that Bud Light’s travails will not impinge on AB InBev outside the U.S.