AB InBev: Jefferies maintains 'buy' rating

(CercleFinance.com) - Jefferies maintained a "buy" rating on Anheuser-Busch InBev shares, saying that the world's largest brewer is "favourably positioned for recovery.
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"We expect market share momentum to continue to move in the right direction in key markets, which addresses a bear point for the equity story," the US broker wrote in a note.

In the report, Jefferies warned that the nature of this pandemic is resulting in a "stop-start recovery," which could delay the pace of the rebound.

"However, shares are pricing in a pessimistic post-COVID outcome, which feels overly negative to us," it pointed out.

It target price of 70 euros offers 20% upside, with recovery and deleveraging becoming "visible," Jefferies added.

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