UBS Warburg downgraded Anheuser-Busch (BUD) to hold from buy.
Analyst Caroline Levy says while she continues to be impressed by Anheuser-Busch's pricing power, earnings per share visibility, marketplace execution, and best of breed management, she thinks it's time to take a breather. She notes shares are nearly priced to perfection. She maintains the $56 target, a 35% premium to the S&P 500 multiple, based on her $2.50 2003 earnings per share estimate, but which indicates only 5% appreciation potential. She sees a solid third quarter, with $0.72 vs. $0.63 earnings per share. She also sees $2.20 2002 earnings per share.