Zacks Investment Research upgraded shares of Companhia de Bebidas Das Americas-ADR (ABV) from NEUTRAL to OUTPERFORM on April 05, 2013, with a target price of $45.00.
Based on better-than-expected bottom line results for fourth-quarter 2012, we have upgraded our long-term recommendation on AmBev to Outperform. In the dollar terms, earnings came in at $0.60 per share, striding ahead of the year-ago quarters' earnings of $0.56 as well as the Zacks Consensus Estimate of $0.35. Net sales increased 7.7% to $5,103 million primarily due to a hike of 3.2% in volumes across all regions. Further, following strong quarterly results, the Zacks Consensus Estimate for 2013 and 2014 increased 2.7% and 4.6%, respectively. Additionally, the company continues to witness a solid performance in the Brazilian market, which remains a key top-line growth driver in the future. AmBev has also taken a number of initiatives to enhance productivity and efficiency in its facilities, which augurs well for future operating performance.
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