ABI Downgraded Due to Valuation
Let’s Review How We Got Here

July 17, 2012Dear Client: Although ABI's shareholders have been on "an amazing journey over the last twenty five years" and six years of "un-interrupted outperform" ratings, Bernstein Research issued a rare downgrade to ABI's stock yesterday from Outperform to Market-Perform. Is the great ABI losing its luster? Well, not really. What's happened is the stock price has risen so fast lately that its valuation has caught up relative to its earnings and peers, and "leaves it close to fair value,