Two brokers have reviewed their coverage of Heineken.

The brewer has seen both Rabo Securities and Theodoor Gilissen lift their ratings to 'buy' from 'hold' today (21 May). The two companies made the moves following Heineken's analyst conference in the US last week.

Rabo Securities said that Heineken "continues to surprise positively" in the first half of this year. "Heineken is maintaining the regained momentum in volume growth, Rabo said in a note to clients. "The presentations on the US underlined that for Heineken the mature US market should be regarded as a growth market."

While shifting its rating on the brewer to 'buy' from 'hold', Theodoor Gilissen also upgraded its price target to EUR47 from EUR42. The broker suggested that Heineken Premium Light "is in the sweet spot (in the US) as it is both international premium and light (and) there is room to grow".

Earlier this month, Heineken posted volume growth of 11.3% for the first four months of this year. While Asia Pacific led the field, delivering 26.5% (2.5m hectolitres) volume growth, Africa came in second at 17.1% (4.6m), ahead of Central and Eastern Europe with 13.7% (13.9m). In the more mature markets of the Americas and Western Europe, growth was slower, at 5.7% (4.3m) and 4.6% (9.4m) respectively.