Mexican brewer Grupo Modelo was upgraded to "outperform" from "peer perform" by analysts at Bear Stearns as the economic conditions around the brewer improve. In a report Bear Stearns said: "A year ago we worried about lack of pricing for Modelo in the U.S. and Mexico as well as peso weakness and Mexican competition for which Modelo's response was uncertain. These conditions are improving as we go into 2004." Modelo also saw its price target increase to 32 pesos per share from 34 pesos.

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