07:55 AM EDT, 05/08/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our 12-month target price by $5 to $65, based on a '25 P/E of 15.9x, a justified discount to its 5-year mean forward P/E of 20.8x. We maintain our adjusted EPS estimates of $3.60 for '24 and $4.10 for '25. BUD posts Q1 adjusted EPS of $0.75 vs. $0.65 (+15%), ten cents ahead of consensus. The beat was driven by stronger-than-expected margins, as revenue rose 2.6% to $14.55B ($180M ahead of consensus) on higher pricing partially offset by a 0.6% volume decline. Gross margin expanded 20 bps to 54.3%. BUD maintained guidance for full year EBITDA growth of 4%-8%, but we believe the guidance likely reflects some conservatism. Shares are trading 5% higher on the big beat, as consensus expectations were clearly too conservative. Looking forward, we think Street estimates will be revised modestly higher. While comps should turn much more favorable as impacts from the Bud Light boycott anniversary, a rally in the shares in recent months appears to be discounting this fact; we maintain a Hold.