After the recent backlash over its decision to work with transgender social media influencer Dylan Mulvaney, Anheuser-Busch InBev (BUD) stock price seems to have stabilized.
Even Gov. Ron DeSantis’s call on state administrators to investigate Florida’s investments in shares of the company may not be a strong enough catalyst to push the stock lower.
The price range between $52 and $58 holds strong
The price charts show BUD has somewhat stabilized between $52 and $58, and a move below that is unlikely in the near term.
![](https://finbold.com/app/uploads/2023/07/BUD1-1024x588.jpg)
The daily chart shows an ascending triangle pattern that started to form in early June. This is a reversal pattern, and a breakout above the top trendline is a likely outcome.
Such a breakout could push the price back to this year’s high of $65.
Even if a break higher doesn’t happen, the price is likely to stay within the current range in the near term.
![](https://finbold.com/app/uploads/2023/07/BUD2-1024x733.jpg)
The weekly chart also gives a hint of optimism despite the years-long downtrend. The stock price seems to finally break out of the descending trendline, which is a bullish signal.
Both Stochastics and MACD show the price in oversold territory, meaning the sign of stabilization is there.
Morgan Stanley analysts upgrade the stock
Morgan Stanley analysts upgraded the stock to an overweight rating from equal-weight and projected a price target of $68.50 in a research note on Thursday.
They said the impact was already reflected in the shares of Bud Light’s parent company. Another point for the bullish upgrade was Anheuser-Busch’s worldwide reach, where the drop in US sales would equal 4% globally.
BUD’s stock has had a mostly neutral run year to date, returning -1% to investors.
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