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A major multinational bank downgraded the stock status of Anheuser-Busch amidst the continued fallout from the Dylan Mulvaney partnership controversy.
HSBC downgraded the stock of Anheuser-Busch InBev to a hold status, meaning investors should neither buy nor sell shares of it. In an analysis, Carlos Laboy, managing director for the global beverage sector of HSBC, said that AB InBev had poorly handled its efforts to shift its brand culture in the U.S. AB InBev’s sales have continued to plummet because of the fallout.
“Is ABI’s leadership getting the brand culture transformation right? It’s mixed,” Laboy wrote in a note that was published on CNBC Wednesday, via the New York Post. “At [Brazilian beverage giant] Ambev, we think the answer is ‘yes;’ in the U.S., we think it’s ‘no’,” Laboy wrote.
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