Jefferies analyst Edward Mundy downgraded AB InBev to Underperform from Hold and lowered his price target for the shares to $62. Market share pressures, some of which have only recently become visible, will likely persist, and could lead to disappointment against high expectations of an emerging-led recovery, Mundy tells investors in a research note. Further, he believes heightened competition could also put pressure on AB InBev's margins. This could lead to a slower returns profile than investors have become accustomed to given the company's "best-in-class track record here," says the analyst.