Rabo Securities has upgraded Heineken, the Netherlands-based brewing group, from "neutral" to "outperform". However, Rabo has reiterated its "neutral" rating for the Belgian brewer, Interbrew, and an "underperform" rating for Grolsch, a Heineken’s competitor. Rabo said it expected Heineken to benefit the most from the anticipated improved trading conditions, especially in the USA.

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