UPDATE: Societe Generale Downgrades Anheuser-Busch InBev to Hold on Deal Block

Societe Generale downgraded Anheuser-Busch InBev BUD from Buy to Hold. Societe Generale commented, “The US Department of Justice (DOJ) has blocked ABI's acquisition of Modelo, on the grounds that the deal would be anti-competitive in the US. … The legal proceedings could take many months and will overhang the share price. Our forecasts assume that the deal completes as originally envisaged, but 9 months later, on January 1st 2014, and we have removed the impact from our 2013 forecast, lowering EPS by 7%. We now expect the shares to trade in line with the sector average P/E of 17.6x calendar 2013.” Anheuser-Busch InBev closed at $88.60 on Friday.