Deutsche Bank has cut its rating on the US brewer Anheuser-Busch, currently the centre of takeover speculation from European rival InBev. However it left its target price for A-B unchanged at US$56.

The investment bank said it had downgraded the brewer from "buy" to "hold", citing concerns that the positive impact on earnings of solid industry pricing, volume gains and costs control are factored into the brewer's share price.

It added that it also had fears that any successful bid from InBev would lead to aggressive cost reduction at the combined entity, which risks harming brands, distribution and execution.