06:55 AM EST, 02/29/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month price target by $5 to $60, based on a '25 P/E of 14.6x, a justified discount to its 5-year mean forward P/E of 20.8x. We maintain our adjusted EPS estimates of $3.60 for '24 and $4.10 for '25. BUD posts Q4 adjusted EPS of $0.82 vs. $0.86 (-5%), well ahead of the $0.71 consensus. The beat was driven by stronger-than-expected margins, as total revenue rose 6% to $14.47B ($1.16B below consensus) on higher pricing, partially offset by a 2.6% volume decline. Gross margin contracted 70 bps to 53.9%. BUD introduced full-year guidance for EBITDA growth of 4%-8%, below the current consensus for 9% growth, but we believe the guidance likely reflects some conservatism. Despite the big beat, the disappointing EBITDA guidance is causing shares to trade about 2% lower in the pre-market. While comps should turn much more favorable starting in Q1 as impacts from the Bud Light boycott anniversary, a rally in the shares in recent months appears to be discounting this fact; we maintain a Hold.