Jefferies Starts Anheuser-Busch InBev (BUD) at Buy
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Jefferies initiates coverage on Anheuser-Busch InBev (NYSE: BUD) with a Buy rating and EUR 130 price target.
Analyst Edward Mundy commented, "We initiate coverage with a BUY. Our 12 month PT EUR 130 is predicated on the realisation of USD 3bn cost saves on the SABMiller deal vs guidance 1.4bn. In our long range outlook we think a share price of EUR 180-200 is justified (by 2022) through delivery on the 2020 Dream Incentive Plan. Key steps are 1) over-delivery on SABMiller cost saves 2) driving sustainable med-term revenue growth +6% 3) further value accretive M&A (over 10% accretive to EPS) "
Shares of Anheuser-Busch InBev closed at $124.80 yesterday.
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