HSBC analyst Carlos Laboy double downgraded AB InBev to Reduce from Buy with a price target of EUR 60, down from EUR 92. The analyst is not making a call on the upcoming quarterly earnings report. Rather, he is warning on a "long list of structural issues" that could challenge the stock. AB InBev was early to identify the U.S. hard-seltzer opportunity but was beaten in the seltzer boom by smaller competitors, Laboy tells investors in a research note. The analyst is not convinced that the company has the right brand platform to win in a dynamic category that is new, premium and skews heavily toward women.