Ambev Stock Rallies to $2.21 – Analysts Pour Cold Water on Rally
Ambev (NYSE: ABEV) closed at $2.20 on Oct 24, up 0.5%, with Q3 earnings due Oct 30. Analysts remain bearish, with nine “reduce” ratings and a $2.35 average target. The company raised its quarterly dividend to $0.023 per share in mid-October. Q2 net income rose 15% year-over-year, despite a 4.5% decline in beer volumes.