EU: Merrill Lynch on European Brewers

Brewers momentum in emerging market growth contribution is too slow, says Merrill Lynch, Dow Jones Newswires posted on February 13. However, says Western European cost reduction opportunites will surprise.

Upgrades Heineken (00897.AE) to buy on further cost opportunities and strong dollar surprise; S&N (SCTN.LN) on high pay-out ratio; and Carlsberg (CARL-A.KO) on valuation. Remains neutral on SABMiller (SAB.JO). Downgrades InBEv (INB.BT) to sell on valuation.

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