14 June, 2006

Belgium: InBev upgraded from "sell" to "neutral"

Analysts at Merrill Lynch upgraded InBev from "sell" to "neutral." The target price is set to €32, Merrill Lynch posted on June 13.

In a research note published in the morning on June 13, the analysts mentioned that the company's share price has recently declined by 12%. InBev's share price was primarily affected by a decline in Ambev's market value, which fell due to the weakening of the local currency, the BRL, the analysts say. Although InBev's share price are likely to continue to decline in the near term due to continued weakening of the BRL and negative sentiments towards the emerging markets, the company's stock is fairly valued at the current levels for the long term, Merrill Lynch adds.

KBC Securities said on June 12 it's fine-tuning InBev's earnings model to take into account the company's early consolidation of Fujian Sedrin, according to Dow Jones Newswires. Sales and earnings will have to be raised, but only slightly, says Wim Hoste. Maintains reduce rating for now and EUR40 target price. Shares went +0.7% at EUR35.69.

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