The investment bank, Bear Stearns, has upgraded its rating on the US brewer, Adolph Coors Co., from "peer perform" to "outperform".

"We expect improvement from Coors in the US, as it begins to lap poor industry conditions and as second-generation cost initiatives are rolled out at the end of September," the company's analyst, Carlos Laboy, said.

Bear Stearns has also increased its 2003 EPS forecast for Coors from US$4.42 to US$4.46 and its 2004 forecast from US4.93 to US$5.01.