After the stock price of Anheuser-Busch InBev (NYSE: BUD), the parent company of Bud Light, started to recover from the outrage over the controversial campaign for its flagship beverage, artificial intelligence (AI) algorithms are bullish regarding its future price action in 2024.
As it happens, the Bud Light stock made a significant recovery last year, with a rally in early November 2023 after announcing a $1 billion stock buyback and reporting better-than-expected revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) results.
In this context, the advanced AI price projecting algorithms over at the cryptocurrency and stock market analytics platform CoinCodex have set the price of Anheuser-Busch shares at $78.19 by December 31, 2024, according to the data retrieved by Finbold on January 26.
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Indeed, if the algorithm’s projections, which rely on the historical BUD price performance, as well as other chart patterns and technical analysis (TA) indicators, become reality, it would represent an increase of 25.83% compared to its current price.
Bud Light stock price analysis
At press time, the Bud Light stock was changing hands at $62.14, recording a decline of 0.35% on the day, losing 1.1% across the week, and declining by 3.84% on its monthly chart, whereas over the last six months, it has grown its price by 5.88%.
Currently, BUD is a medium performer in the overall market, having outperformed 67% of all other stocks last year and doing better than 75% of the other 34 stocks in the beverage industry, with an average volume of 1.4 million traded shares per day, and a positive long-term trend.
On the other hand, its short-term trend is negative, and it is lagging behind the market, trading in the middle of its 52-week range amid the S&P500 index nearing its new highs, casting doubts regarding its very recent evolution, which is why carrying out one’s own research is essential.
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