SABMiller PLC and InBev have had their ratings upgraded. CSFB has today (6 September)upped the two brewers to 'outperform' from 'neutral', dealers said.

In a note to clients, CSFB argued that both SABMiller and InBev should be able to deliver volume growth of 3% to 4% in the medium-term - 2004 to 2006 - given their exposure to emerging growth markets.

CSFB also said SABMiller and InBev offered the best growth, margin and cash generation in the brewing sector.

CSFB said it had lifted its price target on SABMiller to 785 pence from 730p, and lifted its target on Inbev to €31 from €25.