22 May, 2005

Brazil: AmBev "buy," target price raised

Analysts at UBS reiterate their "buy" rating on AmBev. The target price has been raised from $37.75 to $39.25, Newratings posted on May 16.

In a research note published this morning, the analysts mention that the company posted robust operating results for 1Q05. AmBev is likely to witness better-than-anticipated margins in Brazil going ahead, the analysts say. The net earnings estimates for 2005 and 2006 have been reduced by 14% and 22%, respectively, to reflect increased expenses and higher-than-expected goodwill amortization charges in 2006.

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