Ambev Shares Slip After Goldman Flags Beer Rally Risk
Ambev shares fell 1.9% to 16.29 reais in São Paulo Thursday, underperforming the Ibovespa, which slipped 0.39%. Goldman Sachs reiterated its sell rating and 12.90-real target, citing weak beer volumes and limited room for further price hikes. BTG Pactual upgraded Ambev to buy this week, raising its target to 20 reais. Ambev’s U.S. ADR dropped 2.1% to $3.20 on heavy volume.