AB InBev gains 3% in Brussels, helped by a recommendation upgrade by UBS from 'neutral' to 'buy', with a price target raised from 63.5 to 72 euros, on the stock of the Belgian-Brazilian brewer (operating the Stella Artois, Corona and Leffe brands).

'AB InBev is on the cusp of a significant inflection in free cash flow', estimates UBS, which expects FCF for 2025 to be 16% above consensus. 15 billion dollars of excess cash support accelerated cash returns', it judges.

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