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Investing.com - TD Cowen lowered its price target on Anheuser-Busch InBev (NYSE:BUD) to EUR55.40 from EUR56.00 while maintaining a Hold rating, citing volume pressure across key markets.
The firm noted that while AB InBev’s U.S. market share has shown positive inflection as management predicted, overall consumer demand in the U.S. beer category has deteriorated.
TD Cowen highlighted additional challenges including unfavorable macroeconomic conditions and share losses in Brazil, along with dampened demand in Asia due to antiextravagance measures implemented by the Chinese government.
The analyst reduced volume projections to -2.6% for the third quarter and -1.9% for the full year, while lowering third-quarter organic growth estimates to 1.4% from a previous 3.5%.
For fiscal year 2025, TD Cowen decreased its organic growth forecast by 80 basis points to 2.2% and reduced its earnings per share estimate by 6 cents to $3.64, compared to consensus estimates of 2.3% growth and $3.71 EPS.
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