Deutsche Bank Maintains a 'Buy' on AmBev (ABV), Raises Price Target
Deutsche Bank maintains a 'Buy' on AmBev (NYSES: ABV), raises price target to $70.
Deutsche analyst says, "No longer a valuation call; but rather, an earnings surprise call...AmBev shares have re-rated over the past 6 months, primarily as a result of receding fears of adverse corporate actions and a faster-than-expected recovery of operating results. More recently, a strong BRL has played a part as well. We are raising our PT (up 19%, to $70) to reflect the stronger currency, the 1Q09 volume surprise and the recent spikes in market share, but our projections remain conservative in the event recent trends persist. Even in this conservative scenario, we see moderate upside, and therefore we maintain a Buy rating on ABV."
Companhia de Bebidas das Americas - AmBev (AmBev), is a Brazil-based company. AmBev and its subsidiaries produce, sell and distribute beer, carbonated soft drinks (CSDs) and other non-alcoholic and non-carbonated products in 14 countries across the Americas.
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