2023 was not an easy year for Anheuser-Busch InBev (NYSE: BUD), Bud Light’s parent company, filled with boycotts, massive stock price drops, price correction in June, and consistently trading in the current’s lower range.
In the last month, BUD stocks were changing hands in a tight range between $55.08 and $58.28, which support zone has just been tested and failed to hold, sending Anheuser-Busch’s price to as low as $54.50 per share on September 26.
Interestingly, Bud Light’s stock prices at the time of publication are inside a larger timeframe price range, nearing the yearly lows at $52.93 per share, which could act as price support to avoid further losses for BUD’s investors.
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This would be an important step for Anheuser-Busch InBev to regain the stock markets’ trust after registering 8.62% losses since the New York Stock Exchange’s (NYSE) yearly opening on January 3, 2023.
Bud Light stocks price target forecast
Notably, even with only 13 green days in the last 30 days (43%), recent price action and retail’s negative sentiment are not preventing a positive forecast for Wall Street experts.
18 out of 29 analysts are currently recommending ‘Strong Buy’ ratings for BUD, 2 are saying ‘Buy’, 7 recommend ‘Hold’ as the best strategy, and just 2 would go with ‘Strong Sell’.
Looking at the 1-year price target, 9 analysts forecast Bud Light stocks trading at $67.63 by September 2024, which would offer investors an opportunity to profit more than 20% from current acquisitions.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
