Barclays Downgrades Anheuser-Busch InBev to Equal Weight on Brazil Tax and 2026 World Cup Risks
2026-07-27 15:36:52
According to CNBC, Barclays downgraded Anheuser-Busch InBev to equal weight from overweight, saying a new tax in Brazil and the end of the 2026 FIFA World Cup are likely to weigh on the beer maker's shares. Analyst Laurence Whyatt said Brazil is a core market for the company through Ambev, with Brazil Beer accounting for about 11% of consolidated revenue and 48% of Ambev's EBITDA, and he said the Brazilian sin tax is set to take effect in January 2027. Whyatt also said the World Cup has historically lifted alcohol consumption only temporarily and argued that a strong 2026 could make the company's momentum appear stronger than it is. He said Anheuser-Busch InBev trades at just over 18 times forward earnings, above Heineken and Carlsberg, and does not deserve to maintain that premium. U.S.-listed shares fell slightly after the downgrade.
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