UBS Turns Positive on European Brewers, Downgrades Spirits Amid Soft U.S. Demand

In a fresh move that could reshape sentiment across the drinks industry, UBS recently turned bullish on European brewers while expressing caution toward global spirits producers. This shift comes amid a challenging backdrop for alcohol consumption in the United States. For investors and market watchers, the decision signals a changing mix of risks and opportunities across beer and spirits businesses in 2025 and beyond.