The maintenance of an Outperform rating by TD Cowen suggests a positive outlook on Anheuser-Busch InBev's stock, despite the slight reduction in the price target. This adjustment reflects a nuanced view on the company's valuation, potentially due to updated financial analysis or market conditions. The impact on the stock price is likely neutral in the short term, as the positive sentiment of the Outperform rating is slightly offset by the lowered price target.