Goldman Sachs Reduces PT on Ambev S.A. (ABEV) to R$10.10 From R$10.20

Ambev S.A. (NYSE:ABEV) is one of the best penny stocks to buy according to hedge funds. On October 3, Goldman Sachs slashed the price target on Ambev S.A. (NYSE:ABEV) to R$10.10 from R$10.20, maintaining a Sell rating on the stock.

The firm told investors in a research note that the latest industrial product data by IBGE reflected a 12% decrease in alcoholic beverage production in Brazil in August. This averages to a 13% year-over-year contraction quarter-to-date, and a 4% drop over the past 12 months.

Ambev S.A. (NYSE:ABEV) produces, distributes, and sells beverages. Its offerings include carbonated soft drinks, beer, and other non-alcoholic and non-carbonated products.

The company’s operations are divided into the following geographical segments: Brazil, Central America and the Caribbean (CAC), and Canada.

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Disclosure: None. This article is originally published at Insider Monkey.