Goldman Sachs Downgrades Anheuser-Busch InBev (BUD) to Neutral

Goldman Sachs downgraded Anheuser-Busch InBev (NYSE: BUD) from Buy to Neutral with a price target of EUR41.80.

The firm cited the narrowing of the variance between our estimates and consensus. Goldman said they are now in-line with StarMine SmartEstimates for FY11 and only 3% above for FY12.

Goldman continues to view ABInBev as structurally better positioned than its Western European exposed peers, Heineken and Carlsberg, given its more attractive EM exposure and dominant positions in the US and Brazil. However, beer volumes remain in decline in the US and they no longer expect a recovery in 2012 as spirits continue to gain share.

For more ratings news on Anheuser-Busch InBev click here and for the rating history of Anheuser-Busch InBev click here.

Shares of Anheuser-Busch InBev closed at $52.89 yesterday.

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