UPDATE: Jefferies Downgrades Anheuser-Busch InBev (BUD) to Hold, 'Beauty is in the Eye of the Beer-Holder'

Jefferies analyst Edward Mundy downgraded Anheuser-Busch InBev (NYSE: BUD) from Buy to Hold with a price target of $54.00 (from $68.00).

The analyst comments "ABI (downgrade to HOLD, €55) - delivering on the equity story but moving to the sidelines. ABI is on a firmer footing and is successfully addressing each of the bear points in its equity story. Execution is improving and deleveraging on track. The company is delivering on numbers and whilst we continue to see attractions, it is not as cheap vs peers as headlines suggest and is well-loved by the sell-side with 70% BUYs vs HEIA/CARLS 50%. We are -3.8% below cons F24E EPS."

For an analyst ratings summary and ratings history on Anheuser-Busch InBev click here. For more ratings news on Anheuser-Busch InBev click here.

Shares of Anheuser-Busch InBev closed at $46.64 yesterday.

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