AB InBev upgraded to Overweight from Underweight at JPMorgan

JPMorgan analyst Jared Dinges double upgraded AB InBev to Overweight from Underweight with a price target of EUR 70, up from EUR 45. The analyst shuffled ratings in the European brewers sector saying the market is likely underestimating 2023 cost inflation. He anticipates divergent impacts on brewers owing to energy costs in Europe. For AB InBev, cost inflation should ease in the second half of 2023 and the company should be able to deliver earnings growth above its medium-term targets, Dinges tells investors in a research note.