{"id":66894,"date":"2023-09-29T14:01:04","date_gmt":"2023-09-29T18:01:04","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/anheuser-busch-stock-notches-best-day-of-2023-analysts-say-stock-will-climb-despite-bud-light-backlash\/"},"modified":"2023-09-29T14:01:07","modified_gmt":"2023-09-29T18:01:07","slug":"anheuser-busch-stock-notches-best-day-of-2023-analysts-say-stock-will-climb-despite-bud-light-backlash","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=66894","title":{"rendered":"Anheuser-Busch Stock Notches Best Day Of 2023 \u2014 Analysts Say Stock Will Climb Despite Bud Light Backlash"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Bank of America upgraded its rating for Anheuser-Busch InBev stock Friday, arguing the massive stock losses stemming from the Bud Light controversy went too far and thrusting shares of the beer giant to its biggest rally in months.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>Anheuser-Busch stock spiked almost 4% to just below $56 by midday Friday, registering its largest single-day gain since November.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>The surge came after Bank of America analysts Andrea Pistacchi and Victor Beltran-Segarra shifted their recommendation for the stock from a hold to a buy, upping their price target from $62 to $68, implying more than 20% upside from its Friday share price.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>The bank argued that after a 7% stock slide year-to-date, Anheuser-Busch\u2019s current valuation more than bakes in the estimated $1 billion profit loss associated with Bud Light sales\u2019 significant decline in sales due to a mostly right-wing boycott of the beer brand in reaction to its marketing partnership with transgender influencer Dylan Mulvaney.<\/p>\n<p>  <fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<div class=\"key-facts-element\">\n<p>Pistacchi and Beltran-Segarra\u2019s bullish thesis broadly rested on their expectation for profit margins to expand across Anheuser-Busch\u2019s portfolio, which includes Michelob and Stella Artois, rendering its comparatively low price-to-earnings ratio unjustified.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Nonetheless, the bank expects Anehuser-Busch volumes to decrease 12% this year and a further 3% in 2024 due mostly to a forecasted 22% drop in Bud Light sales this year and a 7% decline in 2024.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Bank of America accordingly named the potential of \u201clonger term volume\/profit impact from Bud Light consumer backlash\u201d as the second most pressing overhang for Anheuser-Busch, trailing only concerns about increased competition.<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Big Number<\/h2>\n<p>8.9%. That was Bud Light\u2019s U.S. market share as of the week ending September 9, according to Bernstein data, a roughly 25% haircut from its 12% share before this spring\u2019s ado.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>The Bud Light saga commenced April 1, when Mulvaney posted to her TikTok account a can of the beer with an image of her face on it that was sent to her by the company in recognition of her one-year anniversary of coming out as transgender. The company, and Mulvaney, became unlikely targets of the culture war targeting companies\u2019 partnerships with LGBTQ+ creators and organizations, and the company distanced itself from the campaign. Mulvaney did not comment on the controversy for nearly three months before harshly criticizing Anheuser-Busch for failing to stick by her amid the intense \u201cbullying and transphobia.\u201d<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Contra<\/h2>\n<p>Anheuser-Busch stock may be down 17% since the company rolled out its promotion with Mulvaney, but shares of its alcoholic beverage peers have rallied considerably in the meantime: Modelo parent Constellation Brands (up 12%) and Molson Coors (up 23%) drank up Anheuser-Busch\u2019s spoiling.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/09\/29\/anheuser-busch-stock-notches-best-day-of-2023---analysts-say-stock-will-climb-despite-bud-light-backlash\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Bank of America upgraded its rating for Anheuser-Busch InBev stock Friday, arguing the massive stock losses stemming from the Bud Light controversy went too far and thrusting shares of the beer giant to its biggest rally in months. Key Facts Anheuser-Busch stock spiked almost 4% to just below $56 by midday Friday, registering its [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":66895,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-66894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Anheuser-Busch Stock Notches Best Day Of 2023 \u2014 Analysts Say Stock Will Climb Despite Bud Light Backlash | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Bank of America upgraded its rating for Anheuser-Busch InBev stock Friday, arguing the massive stock losses stemming from the Bud Light\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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