Bud Light volume declines negative for Ball Corp., says Truist

According to Beer Business Daily, AB InBev’s (BUD) Bud Light brand saw volume declines in some markets over the holiday weekend due to a recent marketing campaign with transgender activist and social influencer Dylan Mulvaney, Truist analyst Michael Roxland the analyst tells investors in a research note. The publication stated that some AB InBev distributors in the Heartland and South were increasingly cautious given negative consumer reaction, which is important for Ball Corp. (BALL), the firm points out. It notes that AB InBev comprised 13% of Ball’s sales in 2022. Ball is currently guiding North America volumes to be flat-to-slightly down in 2023, which could be pressured should this issue persist, Truist says. It keeps a Hold rating on the shares with a $58 price target.