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Analysts said the firm made the move given their expectation for continued upside in the stock on benefits from the Bud Light controversy, which has driven a 15.8% increase in sales growth for TAP in Nielsen data for the Beer, FMB, and Cider categories in the period from 4/2/23 through 6/3/23.
“While TAP’s stock is already up 28% since 4/3/23, we expect the impact of the controversy to last through the summer, including the July 4 holiday (which is the highest consumption holiday for beer), which should result in upside for sales and profitability, notably not yet reflected in TAP’s guidance,” wrote analysts.
Citi’s second-quarter EPS estimate for TAP of $1.56 is well above the Street estimate at $1.37. Its full-year EPS estimate of $4.70 is also well above the Street estimate at $4.29.
TAP shares are up over 31% so far in 2023.
