As Anheuser-Busch InBev (NYSE: BUD), the parent company of Bud Light, is still reeling from the controversy over the campaign for its most famous beverage, a group of Wall Street analysts is bullish on the price of its stock, almost unanimously rating it as a ‘Strong Buy.’
Indeed, the BUD stock has had a difficult year, having plummeted by close to 20% over the past six months and losing its title as America’s leading beer manufacturer following a sharp dip in Bud Light sales and market share after a nationwide boycott triggered by a controversial ad campaign.
Wall Street bullish on BUD
Based on its performance in the past three months, the summary of views of seven Wall Street analysts indicates that BUD is showing massive potential and is a ‘Strong Buy’ for six of them, whereas only one has rated this particular stock as a ‘Hold’ for the time being.
Furthermore, these analysts have offered a high forecast of $76.00 for the BUD stock and a low price forecast of $66.30, as well as an average price target of $69.79, which represents a nearly 30% change to the upside from its previous trading session.
BUD price analysis
Meanwhile, the Bud Light stock was at press time changing hands at the price of $53.72, indicating an increase of 0.28% on the day, and a 2.79% gain across the previous week, as it recorded a decline of 3.67% on its monthly chart, as per the latest data retrieved by Finbold on October 13.
Taking into account its technical analysis (TA), the support for BUD stock presently resides in the area between $46.08 and $53.02 while facing resistance between $57.68 and $64.73, the level it needs to break through to give it further strength.
It is also worth noting that Bill Gates’s Foundation Trust bought 1.7 million shares of Anheuser-Busch InBev in September, and Vivian Azer, the managing director and senior research analyst at investment bank TD Cowen, gave it an ‘outperform’ rating, effectively marking it as a buy, shortly after.
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