UBS has upgraded its recommendation on AB InBev from 'neutral' to 'buy', with a target price raised from 63.5 to 72 euros, a new target which offers a potential 31% increase in the Belgian-Brazilian brewer's share price.

'AB InBev is on the cusp of a significant inflection in free cash flow', believes UBS, which expects FCF for 2025 to be 16% higher than consensus. 15 billion in excess cash underpin accelerated cash returns', it believes.

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