UPDATE: Jefferies Raises PT to $83 on Anheuser-Busch; Robust 2012 Shaping Up

Jefferies increases its price target on Buy-rated Anheuser-Busch (NYSE: BUD) from $78 to $83 as the company is on track to have a robust 2012.

Jefferies notes, "We believe there is plenty to be excited about at AB InBev in 2012 (i) 43% EBITDA exposure to a recovering NA consumer and increased innovation rates offer improving volumes and price/mix (ii) Brazil on track for another year of d-digit EBITDA growth (iii) Dividend up 35% to €1.60 in 2012E and prospect of share buy-backs from 2013. We reiterate Buy, raise PT to €63 €59)."

BUD closed at $72.92 on Wednesday.