JPMorgan analyst Celine Pannuti downgraded AB InBev to Underweight from Neutral with a price target of $65, down from $79. Despite a "more benign" input cost environment, 2020 is shaping up to remain challenging for the company, leading to pressure on both gross margin and EBITDA, Pannuti tells investors in a research note titled "Storm clouds showing no signs of clearing." The analyst sees AB at a "turning point." As it tries to generate volume growth the company appears to no longer be committed to raising prices in line with inflation, says the analyst. Pannuti believes risks to earnings cuts should lead to a "further de-rating" and weigh on the stock's performance.