AmBev has had its rating upgraded. Merrill Lynch yesterday announced that it had upped its recommendation on the brewer to 'buy' from 'neutral'.

In a note, Merrill Lynch said the move was based on a sharper-than-expected rebound in AmBev's market share, which "appears to be occurring profitably".

"We see greater gains in higher margin brands and channels," it said. "Improvement coincides with a far easier currency environment, which bodes well for raw materials cost."