Dutch investment firm ING has reportedly started recommendations of Belgian brewer Duvel Moortgat's shares at "buy".

ING has given the brewer's shares a target price of EUR43.8 (US$52.8) and said it has considerable growth potential in international markets, reported Reuters news agency today (3 April).

Duvel said last month that it would spend over EUR16m (US$19.3m) over the next two years to boost capacity at its breweries in Belgium and the US as it looked to build on a buoyant performance in 2005.

The brewer plans to spend EUR10.5m modernising its brewery in Belgium and EUR6m doubling capacity at its Ommegang brewery in New York. Duvel reported an 8.2% in consolidated turnover for 2005, reaching EUR66m.

According to Reuters, ING speculated about the prospect of a possible US import and distribution deal for Duvel.