Ambev Shares Trade Close to 2018 Peaks as Analyst Dispute Heats Up
Ambev shares closed at 16.60 reais on B3 Wednesday, barely changed and near multi-year highs. Goldman Sachs maintained its sell rating with a 12.90-real target, citing weak beer demand and limited pricing power, while BTG Pactual upgraded the stock to buy and raised its target to 20 reais. Ambev’s first-quarter profit rose 2.1% to 3.89 billion reais, with Brazil beer volume up 1.2%.