(News Bulletin 247) – Credit Suisse announced on Thursday that it had downgraded its opinion on the AB InBev stock, reduced from ‘neutral’ to ‘underperformance’ with a target price of 61 euros.
In a sector note, the research department explains that it is concerned about the impact of the rise in financing costs on the brewer’s earnings per share (EPS), but also about the 20% premium that its PER shows today. today against its peers.
The analyst notes that the European drinks sector has devalued by 10% against consumer values in 2022, while he expects it to show resilience in 2023 thanks to price increases and the good performance of emerging markets and the United States.
Credit Suisse notes, however, that investors are expressing their concerns about a risk of disappointment in terms of volumes on the side of brewers.
Within the sub-sector, its preferred value (‘top pick’) is currently Heineken.
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