UBS Reduces Exposure to Ambev After Strong Run in Brazil Beer Stocks
Ambev’s São Paulo shares fell 0.25% to 15.73 reais Friday, despite UBS raising its target price but maintaining a Sell rating. First-quarter profit rose 2.1% to 3.89 billion reais, with Brazil Beer volumes hitting a record and net revenue up 9.6%. Cash flow surged 162.5% to 3.16 billion reais. Consolidated cash cost of goods sold per hectoliter climbed 8.5%.