The investment bank Credit Suisse First Boston today adjusted its earnings estimates and price targets for European beverages companies. It said the downgrades were as a consequence of the weakening US dollar.

"Generally, euro-reporting stocks look more exposed to downgrades than sterling-based companies, which can offset the weaker dollar against a stronger euro," a research note said.

The bank downgraded Remy Cointreau to "underperform" from "neutral".

Heineken was cut to €35 from €44, Scottish & Newcastle dropped to 385p from 480p. Diageo was downgraded to 900p from 950p. Interbew's new target was €21 compared to €24, while Pernod fell to €110 from €116. Finally, Remy Cointreau was adjusted to €28 from €34.