Anheuser-Busch's U.S.-listed shares are down nearly 15% in the second quarter, driven largely by consumers fleeing the Bud Light brand.
Anheuser-Busch InBev's Bud Light nightmare won't last forever, according to Deutsche Bank. The bank upgraded the beer giant's stock to buy from hold and nudged its price target higher by €1 to €60 per share. Anheuser-Busch's U.S.-listed shares are down nearly 15% in the second quarter, driven largely by consumers fleeing the Bud Light brand over a collaboration with transgender influencer Dylan Mulvaney. The fallout elevated Modelo to the top spot for best selling beer in the U.
However, 21% are buying more and 37% are buying the same amount," the analyst wrote. "In addition, 42% of Bud Light drinkers see it as likely that they will buy the brand in 3-6months vs 29% who see it as unlikely. ... We believe this bodes well for the brand recapturing some of its lost share. The company is slated to report second-quarter earnings in early August, and Collett expects the Bud Light parent to reduce or remove its full-year guidance.
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