ING cuts AB InBev to 'hold' on limited return potential, cautious 2026 outlook

Anheuser-Busch Inbev SA

10/02/2026 11:31

** ING downgrades Belgian brewer AB InBev ABI.BR to "hold" from "buy"

** Raises PT by nearly 18% to 66.20 euros ($78.82), but says implied 4.8% total return now justifies a "hold" rating

** Adjusts forecasts to account for weaker-than expected volumes in key markets such as North America, Brazil, and China

** Says macroeconomic concerns in Brazil and a structural reform of co's distribution network in China are key challenges

** Notes "one bright star" for ABI is the FIFA World Cup, which it expects to boost global consumption volumes

** 24 of 28 analysts rate the stock "strong buy" or "buy"​ and 4 "hold" - LSEG data

($1 = 0.8399 euros)

(Reporting by Clement Martinot)

((Clement.Martinot@thomsonreuters.com;))