The Ratings Game: Bud Light sales are still falling, but investors get it at this point. Here’s what Morgan Stanley says they might be missing.

United States

Bud Light sales are still falling, as the impact of a boycott against the beer continues to stick. But Morgan Stanley analysts on Thursday said that impact was already reflected into shares of its parent company, Anheuser-Busch InBev, and that AB-InBev’s global footprint and the falling costs of beer ingredients would help sales and margins up ahead even if struggles in the U.S. spill over into next year.

Morgan Stanley assumed coverage of AB-InBev BUD with an overweight rating, a step up from its prior equal-weight rating….