Acțiunile Anheuser-Busch InBev au fost dificile. De ce un analist spune că este o achiziție.

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Investors have had little to cheer when it comes to

Anheuser-Busch InBev

stock, which has tumbled nearly 22% in the past year as its consumer staples peers remained in the black.

Citi

says that could finally change.

Analyst Simon Hales upgraded AB InBev (ticker: BUD) to Buy from Neutral on Tuesday, with a €62.00 ($63.81) price target.

“For the first time in a while it is tough to construct a bear-case on AB InBev,” he writes. “After a pro-longed period of volatility, consistency of earnings delivery has improved significantly, increasing investor confidence in both execution capabilities and balance sheet de-leverage.”

Hales says the company’s second quarter—those results are due out near the end of the month—will be another period with strong deliveries. The company has less exposure to the reopening in Europe, but has been seeing ongoing strength in its core Latin American markets. That, Hales says, will allow the company to reiterate its full-year guidance, which calls for organic earnings before interest, taxes, depreciation, and amortization, or Ebitda, to grow 4% to 8%.

With AB InBev able to provide more consistent profits, along with a strengthening balance sheet, the stock deserves a higher multiple, the analyst writes.

Of course many investors are worried that beer volumes may come under pressure, as soaring inflation has caused both prices to go up and consumers to have less disposable income. But “given emerging market consumers’ history/adaptability to inflation pressures, AB InBev may be better placed than some peers,” Hales adds.

AB InBev’s previous quarter, reported in May, a primit un impuls from drinkers trading up to pricier beer.

The shares are down 2.1% to $53.93 at recent check.  

Scrie-i Teresa Rivas la [e-mail protejat]