Bank of America Upgrades Anheuser-Busch Stock, Says Bud Light Boycott Impacts Overdone
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Bank of America upgraded its rating for Anheuser-Busch stock, saying losses from Bud Light backlash were overdone.
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Shares spiked 3.3% Friday for their biggest gain since June.
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The bank expects Bud Light sales to drop 22% this year due to the boycott.
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But it says Anheuser-Busch’s valuation bakes in the $1B profit hit from lower Bud Light sales.
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Bank of America named competition and lasting Bud Light impacts as key risks.