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(This is CNBC Pro’s live coverage of Monday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) So far this morning there is a big auto stock upgrade and a big beverage downgrade, among other calls. Check out the latest calls below: 6:00 a.m. ET: Deutsche Bank downgrades Anheuser-Busch as stock is already ‘fairly valued’ Deutsche Bank says the valuation of Bud Light maker Anheuser-Busch InBev has little room to expand further. The firm downgraded the beer behemoth to hold from buy in a Monday note, and lowered its price target on European listed shares to €58 from €61, or about 0.4% downside from Friday’s €58.25 close. Shares have added roughly 4% from the start of the year. “We continue to see ABI’s broadly EM focused sales exposure as attractive combined with the company’s market leading market share positions,” analyst Mitch Collett said. “However, with the shares trading on a CY24 P/E of 17.3x (an 18% discount to European Staples but a 3% premium to European Beverages) and offering a FCF yield of 5.6% we see the shares as broadly fairly valued for now.” Bud’s U.S. shares were slightly lower in premarket trading. —Brian Evans 5:40 a.m. ET: GM upgraded by Mizuho Securities Mizuho Securities thinks General Motors stock has reached a bottom and is poised for growth as the company turns a corner after settling a pay dispute with the United Auto Workers union. The firm upgraded the legacy automaker to buy from neutral in a Sunday note, and raised its target price to $42 per share from $38. Mizuho’s forecast implies nearly 30% upside from Friday’s $32.36 close. GM YTD mountain GM YTD GM stock has slipped roughly 4% from the start of the year. “We have noted earlier that GM offers the broadest portfolio in North America, with a full range of SUVs, Pickups, Commercial Vehicles, Vans and EVs with a key focus on the higher growth SUV and Pickup Truck market in N.A.,” analyst Vijay Rakesh said. Rakesh also pointed to key catalysts for GM’s potential stock turnaround, including a “refreshed” electric vehicle strategy, a pause in the company’s Cruise segment investments as well as plans for a $10 billion in stock buybacks. Rakesh also noted the UAW cost dispute has largely abated and the planned wage increases will be offset by about $2 billion in cost reductions elsewhere. —Brian Evans
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