Anheuser-Busch InBev’s Bud Light nightmare won’t last forever, according to Deutsche Bank. The bank upgraded the beer giant’s stock to buy from hold and nudged its price target higher by €1 to €60 per share. Anheuser-Busch’s U.S.-listed shares are down nearly 15% in the second quarter, driven largely by consumers fleeing the Bud Light brand over a collaboration with transgender influencer Dylan Mulvaney. The fallout elevated Modelo to the top spot for best selling beer in the U.S. in May , according to NieslsenIQ data. BUD 3M mountain Bud Light stock has dropped nearly 15% in the second quarter. But Deutsche Bank analyst Mitch Collett says consumers could inevitably return to Bud Light, and the company’s stock price currently is only pricing in the downside risk without any expectation for a recovery. “Our proprietary dbDIG survey data suggests that 24% of Bud Light consumers no longer buy the brand with another 18% buying less. However, 21% are buying more and 37% are buying the same amount,” the analyst wrote. “In addition, 42% of Bud Light drinkers see it as likely that they will buy the brand in 3-6months vs 29% who see it as unlikely. … We believe this bodes well for the brand recapturing some of its lost share. The company is slated to report second-quarter earnings in early August, and Collett expects the Bud Light parent to reduce or remove its full-year guidance. “However we see this as a positive catalyst for the shares given recent underperformance,” he said. Collett also noted that Anheuser-Busch’s troubles are reflected in the stock price. To be sure, he said more headwinds tied to stiffer competition from brewers as well as hard liquor makers could further hammer the stock. Collett added sluggish growth in Mexico, Brazil, the U.S. and China could be further downside risks. — CNBC’s Michael Bloom contributed to this report.