Compañía Cervecerías Unidas S.A. ( NYSE: CCU ) pushed higher in early trading on Wednesday after reporting earnings and catching a double upgrade from Bank of America.
BofA moved CCU to a Buy rating from Underperform on the expectation that earnings will accelerate in 2023-2024 due in part to price hikes and lower packaging costs for the Chilean beverage giant.
Analyst Fernando Olvera said CCU looks attractive on a risk-reward basis with the stock trading at a 29% discount vs. global peers' median and having a better EPS growth outlook.
Shares of Compañía Cervecerías ( CCU ) rallied 1.19% premarket to $15.36 vs. the 52-week trading range of $9.31 to $16.08.
Read details on CCU's Q4 earnings report.
For further details see:
Compania Cervecerias gains after BofA flips to being a bull from a bear