Compania Cervecerias downgraded to Hold from Buy at HSBC

HSBC analyst Sorabh Daga downgraded Compania Cervecerias to Hold from Buy with a price target of $13, down from $15. After the Q3 results, Daga was "surprised" with how "the market leader" chose not to pass on inflationary beer pricing until October and did not follow Andina on pricing either, which the analyst said "weakens the brands." The category leader "seems to lack pricing power," the analyst added.