Belgium: InBev’s rating upgraded to ‘outperform’ by Cheuvreux to reflect higher earnings estimates

Cheuvreux upped InBev’s rating to ‘outperform’ from ‘underweight’ and lifted its price target to EUR48 from EUR41.5 to reflect higher earnings estimates, more clarity on cost-cutting benefits and confirmation that its 30% EBITDA margin target may be reached in 2006, Dow Jones Newswires released September 08.

Cheuvreux said that the company is currently trading at multiples almost at par with Heineken, which is unjustified given its higher returns. Stock traded -0.7% at EUR41.65.

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