[Sniper]

Here's S&P's thoughts on BUD leading to 3 star (Hold) rating and a 12 month price target of 45...

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Our 12-month target price of $45 blends our DCF and P/E analyses, giving more weight to the latter. Our DCF model calculates a $53 intrinsic value using a 9.0% cost of capital and a 2.4% five-year growth rate. Applying a below historical average P/E ratio of 16X to our 2006 EPS estimate of $2.68, we get a $43 value.

Risks to our recommendation and target price include market share declines, due to aggressive marketing by competitors, particularly in the wine and spirits categories, for first-time drinkers.

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Also worth noting, Berkshire holds about 45 million shares of BUD!