JPMorgan downgraded Ambev to Neutral from Overweight with a price target of R$14, down from R$15.50. Following the Q4 miss and weaker than expected cost guidance, the window for a positive surprise on earnings growth in 2024 is narrower, the analyst tells investors in a research note. The firm questions the sustainability of Ambev’s margins and sees limited visibility on the improvements to its international operations.
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