Ambev (NYSE:ABEV), a Latin American beverage producer, edged up 0.30% on Friday to finish at $3.29, extending the week’s gains. It reported better-than-expected earnings early in the week, and investors are watching how beer demand and an expanded product range can shape its earnings power.
Trading volume reached 72.4 million shares, coming in 193% above its three-month average of 24.7 million shares. Ambev IPO’d in 1997 and has grown 631% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) advanced 0.76% to finish Friday at 7,393, while the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 1.71% to close at 26,247. Among beverage and beer industry peers, Anheuser-Busch InBev (NYSE:BUD) closed up 1.03% at $79.89, while Diageo (NYSE:DEO) gained 1.04% to end at $84.30 as investors assessed recent volume trends.
What this means for investors
Ambev soared by more than 13% this week after strong quarterly results on Tuesday beat expectations. Growth in beer revenues from Central America and the Caribbean offset weaker figures from Brazil and South America. Its no-alcohol beers are also gaining traction in Brazil, which could help it meet changing consumer habits.
The upcoming World Cup will drive further demand and give Ambev an opportunity to build on its Q1 momentum. Following the results, Barclays reiterated its “Hold” rating on the stock, but increased its price target from $2.50 to $3.50.
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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool recommends Barclays Plc and Diageo Plc. The Motley Fool has a disclosure policy.
Stock Market Today, May 8: Ambev Gained 13% This Week on Strong Earnings was originally published by The Motley Fool
