Bernstein SocGen Group raised its price objective on Anheuser-Busch InBev to $97.00 from $96.00 on Friday and reiterated an Outperform rating on the beer giant's shares. The new target implies upside from the prevailing share price of $79.20, with the stock having climbed more than 53% over the last year and trading close to its 52-week high of $81.56.
The research note pointed to what it described as a "solid finish to 2025" and said it sees "a veritable carpet of green shoots emerging" that could translate into volume growth and expanding margins in 2026. Bernstein SocGen highlighted U.S. scanner data indicating that Anheuser-Busch InBev has been steadily gaining beer market share, complemented by growth from its Cutwater and NÜTRL brands.
Regionally, the firm noted that Middle Americas - the company’s largest region - delivered 1.0% growth in the fourth quarter, while Brazil showed signs of improvement in December despite an otherwise weak quarter. Bernstein SocGen expects a World Cup-related uplift across the Americas in 2026, with Middle and South America the most likely beneficiaries. By contrast, Europe and Asia Pacific remain the only regions that continue to experience declines, according to the note.
On cost dynamics, Bernstein SocGen projects "broadly similar COGS pressure in 2026 as in 2025," although it expects that pressure to be front-loaded. The firm also flagged higher advertising and promotion spending in Q2 and Q3 tied to World Cup marketing, and said that -- as a result -- EBITDA growth for the year will probably be weighted toward the second half of 2026.
Financially, the company currently generates $21.51 billion in EBITDA and carries a P/E ratio of 25.96. InvestingPro data referenced in the note shows Anheuser-Busch InBev with a market capitalization of $155.15 billion and gross profit margins of 55.93%, with the suggestion that the shares may be trading below a Fair Value estimate. Additional InvestingPro details mentioned include 25 consecutive years of dividend maintenance and 13 additional ProTips available through its Pro Research Report.
Recent company results were also cited. Anheuser-Busch InBev posted fourth-quarter 2025 earnings that beat analysts' expectations, delivering earnings per share of $0.95 versus a forecast of $0.89 and revenue of $15.55 billion compared with an anticipated $15.51 billion. Company executives acknowledged that 2025 was a complicated year but said that fresh momentum has carried into 2026. The chief financial officer expressed optimism about the current year, suggesting that costs may be more stable in 2026 and that there could be opportunities to expand profit margins.
Bernstein SocGen's modest lift to the price target - up $1 per share - accompanies a view that improving top-line indicators and brand-level gains could combine with better cost stability and event-driven marketing to support earnings later in the year. The firm’s expectation of front-loaded cost pressure and elevated mid-year marketing expense frames its forecast that EBITDA will be stronger in the second half of 2026 than in the first.
Summary
Bernstein SocGen raised its price target on Anheuser-Busch InBev to $97 from $96 and kept an Outperform rating, citing a strong finish to 2025, improving U.S. share trends, brand-level growth, regional improvements in Middle Americas and Brazil, and an anticipated World Cup boost in the Americas for 2026. The firm also expects similar COGS pressures in 2026 that are front-loaded and higher marketing spend in Q2-Q3 that should shift EBITDA growth to H2.
Key Points
- Analyst action: Bernstein SocGen increased the price target to $97 and maintained an Outperform rating - impacts equity investors and consumer staples sector sentiment.
- Operational signals: U.S. scanner data show ABI gaining market share, with Cutwater and NÜTRL contributing to growth - relevant for beverage category and retail scanner-based market analysis.
- Event-driven demand: The firm expects World Cup-related uplift across the Americas in 2026, particularly in Middle and South America - relevant to beverage sales seasonality and marketing plans.
Risks and Uncertainties
- Cost pressure: Bernstein SocGen expects "broadly similar COGS pressure in 2026 as in 2025," which could constrain margins if pressures persist - a risk for profitability and consumer staples margins.
- Marketing spend timing: Higher advertising and promotion expenses in Q2 and Q3 tied to World Cup marketing may weigh on near-term results and shift EBITDA improvement to H2 - affecting quarterly earnings seasonality.
- Regional variance: Europe and Asia Pacific remained in decline according to the note, introducing geographic risk to global revenue recovery despite improvements in the Americas.
Note: All figures, quotes and expectations are those reported by Bernstein SocGen Group and the company’s disclosed results as cited above.