AB InBev upgraded to Buy from Hold at Jefferies

Jefferies upgraded AB InBev to Buy from Hold with a price target of $76, up from $60. After a period of extreme volatility, beer category prospects are underappreciated, the analyst tells investors in a research note. The firm says AB InBev’s “repaired” balance sheet increases optionality on cash returns, driving double-digit total return and a re-rating as the company “builds a reputation as a consistent compounder.”