Ambev moves up on Credit Suisse valuation call

Ambev (ABV +1.7%) trades up after Credit Suisse upgrades the brewer to Buy from Neutral with a Pt of $41.70.

The bank thinks it wise to side with the best-in-class in a tumultuous LatAm consumer environment and notes, "Ambev's P/E premium vs. the broad Brazilian market is at its lowest point in the last 3 years." With a largely unchanged outlook over the past year, "this relative de-rating in not justified."

Credit Suisse also observes that Ambev scores well relative to peers globally on the bank's economic volume growth, market power, and risk profile metrics.

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