Anheuser-Busch InBev SA/NV (BUD) fell in early trading on Monday after Jefferies downgraded the beer stock to a Hold rating after having it set at Buy.
The firm warned on valuation in pulling its bull rating.
Analyst Ed Mundy: "ABI is on a firmer footing and is successfully addressing each of the bear points in its equity story. Execution is improving and deleveraging on track. The company is delivering on numbers and whilst we continue to see attractions, it is not as cheap vs peers as headlines suggest and is well-loved by the sell-side with 70% BUYs vs HEIA/CARLS 50%."
Jefferies has a profit estimate on BUD for FY24 about 4% below the consensus mark.
The new price target on BUD from Jefferies is $54 vs. $68 prior and the average Wall Street PT of $65.55.
Shares of BUD shed 1.99% in premarket trading to $45.71.
The Seeking Alpha Quant Rating on BUD is still flashing Buy.