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MO

Altria Group

$61.75

-0.17 (-0.27%)

, BUD

AB InBev

$127.49

0.24 (0.19%)

08:16
10/11/16
10/11
08:16
10/11/16
08:16

Altria Group becomes significant shareholder in Anheuser-Busch InBev

On October 10, 2016, Anheuser-Busch InBev SA/NV (BUD) completed its business combination with SABMiller plc (SBMRY). As previously announced, the combined group will retain the name Anheuser-Busch InBev SA/NV. In connection with the closing, Altria Group, Inc. (MO) received 185,115,417 restricted shares of AB InBev, representing a 9.6% economic and voting interest in AB InBev, and approximately $5.3 billion in pre-tax cash, as discussed below. These results reflect the proration effect of elections for the partial share alternative. Further, Marty Barrington, Altria's Chairman, CEO and President, and Billy Gifford, Altria's CFO, have been appointed to AB InBev's Board of Directors. "We are very pleased to see the successful completion of this transaction between these two great companies. The transaction allows Altria to continue its participation in the global brewing profit pool as a significant shareholder in AB InBev, and we are excited about the prospects for the long-term value of our investment," said Marty Barrington. In addition to the restricted shares, Altria is receiving a total of approximately $5.3 billion in pre-tax cash. The cash results from the terms of the PSA and the proceeds from the currency derivatives that Altria entered into to hedge its British pound exposure.

MO

Altria Group

$61.75

-0.17 (-0.27%)

BUD

AB InBev

$127.49

0.24 (0.19%)

SBMRY

SABMiller

$55.30

-0.38 (-0.68%)

MO Altria Group
$61.75

-0.17 (-0.27%)

09/21/16
09/21/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Starbucks (SBUX) initiated with a Buy at Longbow. 2. Boston Beer (SAM) initiated with an Outperform at William Blair. 3. Altria Group (MO) was initiated with a Hold at Jefferies while the firm initiated Reynolds American (RAI) with a Buy. 4. Dick's Sporting (DKS) initiated with a Neutral at Guggenheim. 5. E-Trade (ETFC) reinstated with an Outperform at Credit Suisse. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/21/16
JEFF
09/21/16
INITIATION
Target $70
JEFF
Hold
Altria Group initiated with a Hold at Jefferies
Jefferies analyst Owen Bennett started Altria Group with a Hold rating and $70 price target.
09/13/16
09/13/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Chevron (CVX) initiated with an Outperform at BMO Capital. 2. AB InBev (BUD) initiated with a Buy at Jefferies. 3. Altria Group (MO) and Reynolds American (RAI) were initiated with a Buy at Citi while the firm initiated Philip Morris (PM) with a Neutral. 4. Under Armour (UA) initiated with a Neutral at Nomura. 5. Xerox (XRX) initiated with a Buy at SunTrust. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/13/16
SBSH
09/13/16
INITIATION
Target $72
SBSH
Buy
Altria Group initiated with a Buy at Citi
Citi analyst Adam Spielman started Altria Group (MO) with a Buy rating and $72 price target. The analyst expects domestic demand for cigarettes is "likely to remain robust. Spielman prefers shares of Altria and Reynolds American (RAI) to Philip Morris (PM). He initiated this morning Reynolds with a Buy rating and Philip Morris with a Neutral.
BUD AB InBev
$127.49

0.24 (0.19%)

10/05/16
10/05/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Netflix (NFLX) initiated with a Buy at Loop Capital. 2. AB InBev (BUD) coverage resumed with an Overweight at Morgan Stanley. 3. Flowers Foods (FLO) initiated with a Neutral at DA Davidson. 4. Blue Buffalo Pet Products (BUFF) initiated with a Buy at DA Davidson. 5. 58.com (WUBA) initiated with a Buy at Deutsche Bank. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
10/10/16
GSCO
10/10/16
INITIATION
GSCO
Buy
AB InBev reinstated with a Buy at Goldman
10/10/16
10/10/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Netflix (NFLX) initiated with a Sell at Deutsche Bank. 2. Noble Midstream (NBLX) initiated with an Overweight at Barclays, a Hold at Deutsche Bank, an Overweight at JPMorgan, an Outperform at Baird, a Buy at Mizuho, a Buy at Citi, and an Overweight at MUFG. 3. AB InBev (BUD) reinstated with a Buy at Goldman. 4. First Solar (FSLR) initiated with a Neutral at Piper Jaffray. First Solar (FSLR) initiated with a Neutral at Piper Jaffray. 5. Molson Coors (TAP) reinstated with a Buy at Goldman and resumed with a Buy at BofA/Merrill. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
10/11/16
JPMS
10/11/16
INITIATION
Target $133.28
JPMS
Neutral
AB InBev reinstated with a Neutral at JPMorgan
JPMorgan analyst Komal Dhillon reinstated AB InBev with a Neutral rating and $133.28 price target.
SBMRY SABMiller
$55.30

-0.38 (-0.68%)

03/22/16
03/22/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. EP Energy (EPE) downgraded to Underperform and Underweight at BofA/Merrill and Capital One, respectively, with analysts saying EP Energy's planned sale of Haynesville for $420mm is not a surprise and balance sheet headwinds remain. BofA/Merrill continues to see leverage as a headwind and does not see how the company can live within its cash flow while production declines in 2016. 2. Amazon.com (AMZN) downgraded to Outperform at Raymond James by analyst Aaron Kessler, who expects Amazon's pace of margin expansion to slow and he sees increased competition to its Web Services unit from Google's (GOOG, GOOGL) Cloud Platform. 3. Copa Holdings (CPA) downgraded to Sell at Evercore ISI by analyst Duane Pfennigwerth, who cited recent shares strength. 4. Infinity Pharmaceuticals (INFI) downgraded to Underperform from Neutral at Wedbush. 5. SABMiller (SBMRY) downgraded to Underperform at CLSA. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/19/16
STFL
07/19/16
NO CHANGE
STFL
SABMiller deal could be blocked, terms may be sweetened says Stifel
Stifel believes that a minority SABMiller (SBMRY) shareholders could "effectively block" the company's proposed acquisition by AB InBev (BUD). The firm thinks that the deal's small premium and "the illiquidity" of AB's stock that would be transferred in the alternative, partial stock offering could motivate SABMiller's shareholders to block the deal. The firm thinks that AB InBev could sweeten the terms of the deal.
07/29/16
SBSH
07/29/16
UPGRADE
Target $115
SBSH
Buy
Molson Coors upgraded to Buy from Neutral at Citi
Citi analyst Wendy Nicholson upgraded Molson Coors (TAP) to Buy citing the recent pullback in the shares. The analyst is optimistic that both the AB InBev (BUD)/SABMiller (SBMRY) and Molson Coors/MillerCoors transactions will close in early Fall 2016. Nicholson raised her price target for the shares to $115 from $101.
09/29/16
HSBC
09/29/16
NO CHANGE
HSBC
Buy
AB InBev's goal may be to acquire Coca-Cola, says HSBC
HSBC analyst Anthony Bucalo says SABMiller's (SBMRY) merger with AB InBev (BUD), which its shareholders just approved, will impact "nearly every major company across global beverages," especially Heinenken (HINKY). The combined company "represents a strong vehicle for another transaction" if InBev management chooses to do so, Bucalo tells investors in a research note dated yesterday. The analyst believes AB InBev's ultimate goal is the possible acquisition of The Coca-Cola Company (KO). The entire Coca-Cola bottling system, especially for Mexican giant FEMSA (FMX), is impacted by SABMiller joining with AB InBev, Bucalo contends.

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