AB InBev upgraded to Buy from Hold at HSBC

HSBC upgraded AB InBev to Buy from Hold with a price target of EUR 65, up from EUR 60. The analyst says the U.S. doesn’t need to return to growth in 2024 for the stock to work. The firm does not see a Bud Light recovery and says the U.S. “still needs fixing.” However, it likes AB InBev for its Latin America and APAC growth, its deleveraging, and its transformation into a better brand and market developer. The company’s valuation, its stabilizing Bud Light market share, and the strength of other key markets “merit a Buy rating for the stock,” the analyst tells investors in a research note.