Analyst Upgrades / Downgrades – 07/20/23

Upgrades

$BUD – Anheuser-Busch Inbev SA
Recent News
Morgan Stanley and Citi have both upgraded their views on Anheuser-Busch InBev (BUD). Morgan Stanley believes the stock is undervalued due to a significant decline in Bud Light sales, which has not been fully reflected in the share price. They see a favorable risk-reward scenario and expect the upcoming H1 results to provide more clarity on the situation. Citi also views the decline in Bud Light sales as stabilizing and highlights stronger trends in other regions. The stock of Anheuser-Busch InBev (BUD) rose in premarket trading, with a slight increase on Thursday and a larger gain on Wednesday. Year-to-date, the stock is down, but it has shown a gain over the last 52 weeks. The company is set to report earnings in early August.

Brokerage Firm: Morgan Stanley
Rating Change: Equal-Weight >> Overweight
Price Target: $64.00 >> $68.50
Shares Outstanding: 1.70B Share Float: 609.79M

$USB – U.S. Bancorp
Recent News
Raymond James upgraded U.S. Bancorp from Underperform to Market Perform. U.S. Bancorp reported earnings of $1.12 in the second quarter, compared to $1.09 in the same quarter last year. The stock’s 52-week high is $49.95 and its 52-week low is $27.27.

Brokerage Firm: Raymond James
Rating Change: Equal-Weight >> Overweight
Price Target: $43.45
Shares Outstanding: 1.53B Share Float: 153.B

Downgrades

$CVNA – Carvana Co
Recent News
RBC Capital downgraded Carvana stock from Sector Perform to Underperform. The downgrade was due to concerns about excessive margin improvements, according to RBC Capital analyst Brad Erickson. Despite the downgrade, RBC Capital raised its price target for Carvana from $9 to $30.

The downgrade by RBC Capital caused worry among investors, resulting in a significant increase in trading volume. More than 25.9 million shares of Carvana were traded, reflecting the unease in the market. As a consequence, Carvana’s stock experienced a 12% decline in Thursday’s trading.

Brokerage Firm: RBC Capital Markets
Rating Change: Sector Perform >> Underperform
Price Target: $9.00 >> $30.00
Shares Outstanding: 106.01 Share Float: 95.37M

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