Ambev downgraded to Equal Weight from Overweight at Barclays

Barclays analyst Benjamin Theurer downgraded Ambev to Equal Weight from Overweight with a price target of $3, down from $3.50. Despite a strong fiscal 2023, expectations for fiscal 2024 were higher and cost benefits seem to be more muted than initially anticipated, the analyst tells investors in a research note. The firm reduced estimates to also reflect adverse impacts from the Argentine peso devaluation.