14 April, 2006

UK: Collins Stewart upgrading SABMiller to hold

Collins Stewart has upgraded SABMiller to hold from sell after its trading update, Dow Jones reported on April 12. The worst fears would have been exaggerated, with accelerating volumes driven by Europe, Africa and Asia.

Shares have underperformed both the market and rival brewers in recent months, but forecasts now look well protected. "With numbers not looking aggressive, rand strength continuing and soft South Africa comparables to look forward to, it seems inappropriate now to retain the sell recommendation."

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