Bernstein said Bud Light volumes have further to fall, but is still optimistic on AB InBev's stock going forward. Analyst Trevor Stirling noted that the massive selloff in the stock stemming from customer backlash over the company's social media partnership with a transgender influencer was largely "overdone." Still, he said Bud Light volumes could continue to take a hit after already falling by roughly 30% in the U.S. in the second quarter. "We also assume that Bud Light volumes will take a permanent -15% haircut with an associated drag on operating leverage," the analyst said. Last month, HSBC downgraded Anheuser-Busch InBev stock over what the firm labeled a " Bud Light crisis ," and noted that the company could be contending with larger problems than it wants to admit.

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Persons: Bernstein, Bud, Trevor Stirling, BUD YTD, BUD, Bud APAC, Stirling, — CNBC's Michael Bloom Organizations: Anheuser, Busch, InBev, HSBC, Busch InBev Locations: Monday's, U.S