KBC Securities has downgraded its rating for InBev.

The bank said in a note to investors yesterday (30 November) that it has downgraded the brewer's stock as it has surpassed its price target of EUR49 (US$65.23). KBC has moved its rating to 'reduce' from 'accumulate'.

The bank also said that the recent depreciation of the Brazilian real versus the euro increases the risk on the earnings outlook for InBev, which today announced a US distribution tie-up with Anheuser Busch.