Ambev price target lowered to $2.10 from $2.25 at Goldman Sachs

Goldman Sachs analyst Thiago Bortoluci lowered the firm’s price target on Ambev to $2.10 from $2.25 and keeps a Sell rating on the shares. The firm expects the company to report another soft quarter, with mild volume/pricing growth in Brazil Beer, a deteriorating Argentina, a declining Canada, and a sequentially higher effective tax rate, the analyst tells investors in a research note. Goldman Sachs is also cutting its quarterly Brazil Beer EBITDA forecast by 2%, the firm adds.