25 June, 2003

Fortis Bank, has reduced its ratings on shares in Heineken, the Dutch brewing force, from "buy" to "hold", following the company's profit warning for the first half of the year, issued yesterday. Fortis analyst Nicole van Putten said: "We have reduced our recommendation ... since we fear that the critical months July and August may be weak as well," Fortis also cut its target price for Heineken to €34 from €44.

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